Closed in NY at $1.3396, after rate had been sold off to $1.33705 as market reacted to ECB Draghi comments mentioning recent euro strength. Early trade in Asia consolidated Thursday’s late moves between $1.3385/1.3400, dropped to mark lows at $1.3383 before edging up to $1.3416, the move up aided by the release of stronger than forecast Chinese trade data. Rate drifted off to $1.3394 before settling around $1.3400 into Europe. Bids remain in place into $1.3370, with further interest seen extending to $1.3350 with stops below. Offers now seen placed from $1.3420 through to $1.3430. The fallout from Draghi comments will continue to dictate play, possibly as euro crosses readjust. The corrective pullback ahead of the weekend, which, along with adverse weather conditions to hit the east coast of the US today, and China new year celebrations next week, could act to subdue trade. German trade at 0700GMT, then US trade at 1330GMT the standout data releases, with some focus on EU Budget talks.
EasyForexNews Research Team