Closed in NY at $1.2966 after the rate came under pressure on initial reaction to dovish comments from ECB Draghi at the ECB press conference, followed by Italian political wobbles, which saw rate pressed to a low of $1.2950. Rate had seen intraday highs of $1.3087 during the European morning. Euro-dollar came under early sell pressure into Asia with rate touching a low at $1.29555 before picking up fresh demand interest. Rate edged to a high of $1.2973 in lack lustre trade before meeting resistance from offers placed into $1.2975. Rate drifted off, finding support through the Asian afternoon at $1.2965 before coming under fresh pressure ahead of Europe which has eased it to $1.2960. Demand remains in place ahead of Thursday’s low at $1.2950, with weak stops placed below. Stronger demand noted from $1.2930 through to $1.2915. Offers seen at $1.2975/80 with more lined up from $1.3000 to $1.3030. US employment data day should keep markets fairly subdued into the afternoon, though Italy developments could provide some volatility. Germany IP at 1100GMT provides morning data interest.
EasyForexNews Research Team