Closed in NY Friday at $1.2565 after pulling back from a session high of $1.2583 before recovering into the close from $1.2522. Rate came under pressure into Asian dealing, some linking this to the Troika delaying its visit to Athens, Greek PM Samaras not attending the EU Summit as well as an article in the WSJ suggesting investors are moving away from bunds. Traders also note the AB InBev interest to buy the rest of Mexico’s Modelo in a deal that could be worth $10bln. Rate settled between $1.2530/40 for the opening few hours of Tokyo trade before getting pressured to session lows of $1.2523, the rate holding heavy into early Europe. Support seen into $1.2520, with bettwer demand reported at $1.2500. Stronger bids said to reside down at $1.2480. Offers reported into $1.2580 with stronger sell interest seen at $1.2620/30. Usual light data calendar for a Monday. Germany Gfk due for release at 0600GMT providing early interest. Market remains open to headline reaction.
EasyForexNews Research Team