Opened early Europe at $1.2572, EUR/USD closed in NY at $1.2585 after getting pressed to session lows of $1.2545 as market moved into deeper risk off mode on Greek concerns. Rate had managed to recover on late rumours that Germany’s Merkel was backing a bank deposit insurance scheme, rising to $1.2601, but this talk was not confirmed after the EU Heads of State dinner and rate drifted back to the mentioned close. Rate edged to $1.2600 in early Asia as traders awaited the EU press conference. Rate was pressured lower on EU Juncker comments that he doesn’t see a launch of eurobonds soon, pressing to a low of $1.2555 before meeting decent demand. Rate recovered to $1.2585, settling between $1.2560/85 ahead of Europe. Euro came under fresh pressure into Europe, traded to $1.2562 before bouncing to $1.2580. Rally met willing sellers, the move down given added weight on release of weaker than forecast flash French and German PMI data. Rate met demand ahead of $1.2530 but was pressed to $1.25153 on weak Ifo. Rate had recovered to $1.2568 ahead of New York.
EasyForexNews Research Team