Closed in NY at $1.2563, off NY rally highs of $1.2590, with traders noting that a large offer was taken out at this level. Rate initially edged up to mark session highs in to early Asian dealing at $1.2568 before turning lower, touched the low at $1.2553 before settling around $1.2560 for the balance of the session with attention said to be turned on this morning’s Greek PM Samaras/German Chancellor Merkel meeting in Berlin at 0945GMT, press conference 1100GMT (though most don’t expect much to be announced, just reference to September’s Troika Report). Traders note strong sell interest remains in place from $1.2590 through to $1.2600, part of which is linked to protection of a $1.2600 barrier, with others noting that US corporate sell interest is also seen placed around $1.2600, with offers from this area dotted up to the next barrier at $1.2650. Bids seen at $1.2550 ($1.2549 76.4% $1.2536-90), stronger into $1.2530, then more toward $1.2500 with decent sized stops through $1.2500-1.2490. A light data calendar in the Eurozone with US durable goods the main interest at 1230GMT.
EasyForexNews Research Team