Closed in NY Friday at $1.3045 after rate had retreated from an initial react spike high of $1.3072, following release of US employment data, to a pullback low of $1.3015. Rate opened Asia around $1.3035 and continued to drift lower as markets reacted to analysis of Friday’s jobs data, suggesting situation not as rosy as initial reaction would suggest, as well as ECB Asmussen comments suggesting some tensions in securing next Greek aid tranche, with focus turning to today’s Eurogroup FinMin meeting where Greece, Spain and Cyprus are expected to be discussed. Market will be wary of any reported comments from this session. Tokyo, New York and Toronto holidays today made for a subdued session through Asia and expected to keep that influence through Europe. However, German trade and current account data due up at 0600GMT ahead of Eurozone SENTIX at 0830GMT and German industrial production at 1000GMT to provide interest this morning. Euro-dollar broke below the NY corrective pullback at $1.3015 to extend lows to $1.2984, holding heavy into Europe. Bids $1.2980/70 then $1.2940/35. Offers $1.3050, $1.3070-85
EasyForexNews Research Team