Opened early Europe at $1.2282, EUR/USD closed in NY at $1.2260, after recovering off a session low of $1.2225 to $1.2264 before settling between $1.2250/60 through the NY afternoon. CTA sales of EUR/JPY into early Asia squeezed rate down to session lows of $1.2251 before meeting demand placed ahead of $1.2250. Rate recovered, the move up boosted as the Nikkei bounced higher with US and Swiss names extending the move to $1.22895, aided by Japanese investor buys of EUR/JPY. Rate held firm ahead of the European open, buoyed above $1.2280. Rate came under sell pressure into early Europe, meeting support around $1.2258 before bouncing back to $1.2280. Fresh sales countered the move, this time able to retest the overnight low. Rate touched a low of $1.2249 before bouncing as traders reported meeting demand from the semi official. Rate recovered to $1.2275 before settling between $1.2255/65. Late morning lift seen into the 1000GMT fix for month end interest with rate able to probe back above $1.2300.
EasyForexNews Research Team