The pair traded a $1.3596 to $1.3651 range in the US last night, starting in Asia at $1.3616 this morning and then following that up in a narrow $1.3610/20 range through the early hours. Euro-dollar dipped further to a $1.3605 low soon after the start of the Japanese stock market session and then rallied together with euro-yen’s strong rebound. Euro-dollar traded a $1.3635 high, as it was carried up also by rumored strong bids from $1.3580 and $1.3560, with some dealers saying these belonged to European accounts. Euro-dollar’s gains also ran out of steam after the highs were traded as some traders also began chatting about sell orders from an Asian reserve manager at $1.3650. By the early afternoon here, euro-dollar was holding at $1.3632, not very far from the earlier peak and higher than where it had started the day this morning.
