Opened at $1.2637 after $1.2525/1.2748 overnight range, Euro had been roiled overnight by Greek election results and proved unable to hold gains, the pair seeing selling by macro accounts, models and real-money types as it slid back under $1.2720 and $1.2700, finding stops. Losses continued in early US dealings and euro pressed down to $1.2580 ahead of the option expiry as stops were flushed under $1.2590, though talk generally described muted flows as the US session moved along. With light traffic still mostly one way, euro losses extended to $1.2563 around the London fixing but enjoyed a small bounce ahead of the London close, returning to $1.2580 as shorts were squeezed. An early afternoon drive-by in EUR/AUD sent EUR/USD skidding to $1.2558 before the pair ended near $1.2578 amid slow trading.
EasyForexNews Research Team