Rate closed in NY at $1.3318 after recovering off a low of $1.3265 following its corrective pullback off earlier highs of $1.3355. Rate had seen a recovery high of $1.3324 ahead of the NY close with the corrective pullback from here continuing into early Asia. Rate squeezed to an early low of $1.3297 as traders reacted to disappointing Apple results (after the bell), with sales of euro-yen providing the main weight. Release of better than expected China PMI data reversed this early tone and took rate back up to $1.3325 before momentum faded. Rate drifted off to $1.3306, recovering ahead of the European, the rate currently trading around $1.3313. Many reports suggest rate currently stuck in an outside range of $1.3250-1.3400 with a break of either side to provide clues to the next direction. Focus today on flash Eurozone PMI data, beginning with France at 0758GMT (Germany 0828, EZ 0858), with Spanish employment data due at 0800GMT. Weekly jobless claims from the US at 1330GMT to provide early afternoon interest. Euro-dollar offers seen at $1.3325/35, $1.3350/55. Support $1.3300/1.3295, $1.3280 and $1.3265-50.
EasyForexNews Research Team