Spiked late in NY Friday to $1.2561 after reports that the ECB was considering zone targets for peripheral bond yields, later paring gains to close at $1.2511. Trade volumes opened light in Asia and euro-dollar ground lower to $1.2498, before meeting Japanese name demand and lifting to $1.2516. The rate eased on profit take sales to $1.2505 and settled in a tight range with markets expected quiet today due to the UK holiday. Focus turns to the German IFO Business survey released at 0800GMT and recent data has pointed to a slowdown in the euro zone’s largest economy. On the downside bids seen at $1.2480, stronger behind at $1.2450. Resistance seen at $1.2525 from the recovery highs of initial $1.2499 drop, ahead of $1.2550/55.
EasyForexNews Research Team