Closed in NY Wednesday at $1.2844 after rate had recovered off intraday lows of $1.2790 to $1.2864 before settling back into the close. Rate eased to $1.2841 into early Asia before it edged to highs of $1.2854 before settling through the mid part of the overnight session between $1.2840/50 with trade in this pair basically sidelined ahead of the much awaited BOJ announcement, with the ECB rate decision/Draghi press conference in the background. Euro-dollar dropped from $1.2850 to $1.2834 on the BOJ announcement, as dollar-yen prompted a general demand for dollar’s as this rate spiked from below Y93.00, to Y93.87 (rate has since edged on toward Y94.00). Euro-dollar recovered, meeting resistance at the morning base of $1.2840. Offers in this pair remain at $1.2855/65, with stronger interest said to extend from $1.2880 through to $1.2905. Stops are also seen mixed in above $1.2885. Support $1.2835/25, stronger into $1.2800, wuith the recent corporate demand interest below $1.2800, that cushioned the rate Wednesday at $1.2790, still around. ECB rate decision at 1145GMT (no change in rates widely expected), with the more important ECB Draghi press conference to follow at 1230GMT.
EasyForexNews Research Team