EUR – Opened heavy in thin European trade and made a show under $1.3100, flushing stops to print a low of $1.3093. Strong demand in the euro crosses cushioned and provided added momentum taking the rate to $1.3110. Well received PMI Services data across the eurozone extended to $1.3120, before rate pared gains to settle in a tight $1.3110/20 range. On the downside bids seen at $1.3080 ($1.3076 (21-day ma), stronger behind at $1.3050. The Asian high at $1.3141 caps the topside, a break opens offers into $1.3150.
GBP – The cross opened in Asia on a bid tone and lifted to highs of $1.5599, the rate met strong supply ahead of $1.5600 easing back with euro-dollar to settle around $1.5575/85. Sterling was unable to consolidate and opened on the defensive in early Europe, initially dragged lower by euro-dollar the rate extended losses on sharp euro-sterling demand to $1.5558. Recovery attempts seen shallow with the 5-day ma providing first support at $1.5556, a break opens bids into $1.5550, ahead of key techs at $1.5543 (100-day ma). Euro-sterling slipped to stg0.8413 before strong demand cushioned, extending the recovery through the overnight high to stg0.8431, later paring light gains. The 5-day ma seen capping the topside at stg0.8440, offers behind at stg0.8450.
JPY – Was under pressure in early Europe with the dollar lifting to Y99.15, rate extended to Y99.25 before Asian directional sales briefly stalled. Fresh demand emerged taking the rate through CTA stops and Friday’s NFP spike high to print Y99.45. Euro-yen lifted to Y130.41, before profit take sales eased to Y130.10, dollar-yen 99.30.