Closed in NY Wednesday at $1.2470, rate recovered from $1.2445 lows after the London fixings. The euro opened higher to $1.2480 in Asia, although volumes were very light, with many players on the sidelines ahead of the EU leaders summit starting later today. Demand from Fund accounts and US names lifted the pair into the Tokyo fix, rate extended gains on AUD strength and flushed some light stops through $1.2500/10 to highs of $1.2524. The pair eased off highs to $1.2515 and settled in a tight range as traders reported of light month end flows. Support seen on the downside at $1.2480, a break opens a deeper move towards bids at $1.2450/45, larger at $1.2440 with stops set. On the topside layered offers reported into $1.2550, a break triggers stops ahead of more offers at $1.2560. US data release of note is GDP and Initial Jobless Claims although key focus remains on the earlier mentioned EU summit.
EasyForexNews Research Team