The pair started in Asia at $1.3181 this morning after a $1.3160 to $1.3189 range during the NY hours last night. The pair inched up to $1.3185 in the opening minutes but was dragged lower by a soft tone in euro-yen. Euro-dollar slipped to $1.3180 and attempted another move higher, reaching $1.3186 this time round. Rumored sellers at $1.3200 and the persistent pullbacks in euro-yen kept euro-dollar from making further progress and it dropped off toward $1.3180 again, to eventually mark a session low of $1.3179. Sporadic bounces have since been seen, with euro-dollar apparently picking up demand from a variety of accounts in the $1.3160/50 region. Still, the bounces have been shallow and limited to just $1.3184. Euro-dollar held on near there and thendropped again to a new low of $1.3174 in the early afternoon soon after the ECB’s Ewald Nowotny said the latest developments in the euro area warrant some concern.
