Opened at $1.2533 after $1.2475/1.2553 overnight range, Euro held a narrow range ahead of the US session but found a base on dips below $1.2530 that allowed an early, brief return to $1.2550. Euro spiked to $1.2560 in the wake of early US data as a few stops were tripped atop $1.2555 but pair deflated for trade to $1.2515 as the pull of a $1.2500 expiry exerted influence ahead of the cut. From there, the single currency enjoyed a healthier tone across several pairs, lifting to $1.2570 by the London fixing event as Asian demand pushed the pair through more stops and as corporate buys of EUR/GBP added support. With model-driven buying also in play, euro stretched to $1.2611 ahead of the London close as stops were flushed above $1.2600, though euro retreated easily to $1.2585 and held close by for the balance of the session.
EasyForexNews Research Team