Closed in NY at $1.2716, as rate was recovering off a late pullback to $1.2702. Rate continued this recovery, after posting an early session low of $1.2712, on reported short covering demand, to a session high of $1.27495, the move up aided by the release of Japan Q1 GDP beating estimates which in turn provided EUR/JPY with a kick higher, while USD/JPY held steady. Rate eased off the early highs, settling within a $1.2734/49 range into Europe. Rate currently seen pressing up against the overnight highs into early Europe. Offers initially seen placed between $1.2755/60, a break to expose stronger sell interest at $1.2780. Further sell interest reported to be dotted up from this level through to $1.2810. Support seen into $1.2710, with demand interest noted extending, and strengthening, down to $1.2680. Below here and next demand of note reported between $1.2650/40. Greece remains in the spotlight, the market keyed up to react to headlines. Spanish bond auctions today will also provide interest 0830GMT. US data see weekly jobless claims and Phila Fed.
EasyForexNews Research Team