Closed in NY at $1.2930 after easing off a session recovery high of $1.2952 (76.4% $1.2991-1.2826) to $1.2922. Rate opened Asia in a steady $1.2925/30 range before it picked up a bid tone led by the reaction to the MAS decision to leave rates unchanged, which, along with another low Cny fix, placed general pressure on the dollar. Euro-dollar edged to a high of $1.2947 before momentum waned, leaving the rate to drift down to session lows of $1.2922 before settling between $1.2925/30 again into Europe. Second tier data on the calendars with the only possible market mover seen from potential comments from the Greece-Troika talks. The IMF/World Bank talks continue in Tokyo with G7-G20 FinMin meetings seen into the weekend. Offers remain in place between $1.2950/60, a break to open a move on toward Oct9 high at $1.2991, with offers seen from here through to $1.3000. Support remains into $1.2920 ($1.2922 23.6% $1.2826-1.2952), a break to allow for a deeper move toward $1.2905/00 ahead of $1.2875/70. US PPI and UofM data may provide some US action.
EasyForexNews Research Team