Opened in early Europe at $1.2278, closed in NY at $1.2288, after recovering off lows at $1.2264. Following an initial dip to $1.2282 into early Asia, the rate pushed higher as early Tokyo bought euro-yen, the rate able to break above the NY high at $1.2294 and extend recovery to $1.2306. As euro-yen upside momentum faded so euro-dollar drifted lower, finding eventual support at $1.2275 ahead of the European open. However, recovery efforts remain shallow and seen keeping focus on the downside. Euro-dollar opened heavy in early European trade and slipped to $1.2256, before meeting demand from Middle-Eastern names. The pair continued in a tight range and climbed to $1.2284 to re-test intraday highs on release of strong UK Retail Sales data, later settling around $1.2270. Support seen on the downside at $1.2250. Offers reported at $1.2300, stronger behind at $1.2320 as focus turns to the NY open.
EasyForexNews Research Team