Closed in NY at $1.2060 after a late NY sell off saw rate trigger the reported barrier at $1.2050, touching a low of $1.2042 before recovering to $1.2070/75 ahead of the close. Early Asia was confined to a range of $1.2055/70, marked a low at $1.2054 before getting a lift as the Aussie, which had initially reacted negatively to headline release of local CPI, bounced back on detail, taking EUR/USD to a session high of $1.2080. Rate settled between $1.2070/80 ahead of the European open. Traders note offers placed between $1.2080/85, though stops above may provide early interest. Bids seen into $1.2040 with stops below, with weak talk suggesting barrier interest at $1.2025 ahead of larger barriers at $1.2000. Linked to this latter interest strong demand noted in the area between $1.2010/00. Germany Ifo data this morning’s highlight data release (0800GMT) though markets remain headline reactive, with focus on Greece, Spain and Italy.
EasyForexNews Research Team