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Closed in NY Friday at $1.2951 having recovered off earlier lows of $1.2938 around the London fixings. Euro-dollar nudged higher on the Asian open touching $1.2962, before supply from a US name pressed lower. Fresh euro concerns as another weekend passed without a Spanish request for aid added weight and the pair slumped, triggering stops through $1.2920 and $1.2900 to print lows of $1.2891. Rate initially bounced back above $1.2900 and settled in a tight range as volumes were seen light ahead of Europe. Support seen at $1.2890 (Broken resistance) with stops set, through here opens bids at $1.2875/70, stronger behind at $1.2855/45. Afternoon data today includes Empire Manufacturing and Advance Retail Sales released at 1230GMT.
EasyForexNews Research Team