Opened early Europe at $1.2292, EUR/USD closed in NY at $1.2304 after recovering on reported light short covering from session lows of $1.2266. Rate marked highs into early Asia at $1.2308 before turning lower, the rate settling between $1.2287/96 with moves within determined by reaction to the RBA Report, suggesting that the strong Aussie dollar could have a negative effect on future growth, with recovery efforts then squeezed lower again on react to the release of weaker than expected China trade data. Rate edged to $1.2297 into early Europe but met real money supply sitting into the figure. Rate began to ease, the move down getting added weight as traders noted a Spanish report suggesting Catalonia had asked the Spanish govt to speed up cash aid dispersal. US investment house sales stood out from above $1.2280 as rate sank to $1.2261 lows. Spanish bank demand greeted the dip, taking the rate back to $1.2283 before settling between $1.2270/80 ahead of NY. Bids remain at $1.2260/40, resistance into $1.2300/10.
EasyForexNews Research Team