The pair started the week at $1.3433 having recovered from NY’s range of $1.3422-1.3449 and oscillates between a confined range of $1.3427 to $1.3436 in Asia Monday session. Softer German Ifo Business data triggered renewed selling interest in the spot and euro crosses, pressuring the pairs lower and registered fresh 2014 low at $1.3422 on Friday NY session. Heavy tone in the euro continues to weigh on the euro crosses with good selling interest in the morning session, the euro-yen was pressured lower to breach NY’s low of Y136.66 briefly before short covering lifted it up to Y136.72 last. The spot drifts to session low of $1.3427 last before Europe steps in, medium demand/large stops noted at $1.3420 with more stops at $1.3412 and offers reported at $1.3450-55 levels. Looking ahead this week HICP data, Q2 GDP and FOMC decision on Wednesday and July US NFP and ISM manufacturing on Friday should provide some volatility.
