The pair witnessed a dull start to the Asian morning after it had closed a downbeat US session near $1.2781, just off the day’s low of $1.2755, its worst since April 4. Euro-dollar was holding just off the morning’s $1.2787 high at $1.2784 when China published its disappointing trade numbers which sparked a move against most currencies, driving the euro down to $1.2765. Market interest then became mixed after the low was traded, with dealers reporting two-way interest in the pair then emerging. Speculative names were spotted selling euros while corporate accounts were on the bid, they said. Ahead of the European open the rate was pressured back up toward the earlier high (as dollar-yen dropped from Y100.85 to Y100.50) but was seen meeting supply placed at $1.2790. Sell interest said to extend to $1.2800, more into $1.2830. Support seen between $1.2755/40, the area covering Tuesday’s $1.2755 low and the 2013 low at $1.2745, with stops below. FOMC Minutes in focus later today, with a speech by Fed Bernanke to follow. However, some suggest the Fed Chairman will hold back from any major announcements ahead of next week’s ‘Humphry-Hawkins’.
