Closed in NY Thursday at $1.3368 after rate had slowly recovered off its traded lows of $1.3315 during the European morning, following reaction to release of weaker than forecast Eurozone GDP data for Q4. Rate drifted off that recovery area in early Asia, the rate marking lows at $1.3348 before edging higher, extending the recovery high to $1.3372. Rate again dropped back to retest earlier lows before settling around $1.3360 into Europe. G20 draft began leaking out Thursday afternoon, with most expecting the final communique to not veer too far away from this. Comment linked to the G20 communique will provide potential headline risk. Eurozone trade balance at 1000GMT provides morning interest, MNI reality check has noted a fall in container shipments from the EU. Euro-dollar bids remain in place into $1.3315/00, a break to expose reported stops sub $1.3290. Next demand of note seen into $1.3250. Resistance seen between $1.3370/85 (break down area Thursday), more toward $1.3500. Into the afternoon, US Empire mfg data at 1330GMT, TIC flows 1400GMT and IP and Cap.Ut. as 1415GMT. Profit taking and position adjustment into the weekend seems to be the order of the day.
EasyForexNews Research Team