The pair started this morning’s session at $1.2631 after trading a high of $1.2635 last night during the US trading hours. Euro-dollar witnessed subdued interest in early trade, and it held a $1.2625/33 range before sliding to $1.2614. With much of the morning’s attention on the yen and aussie, euro-dollar was largely sidelined, pushed lower by the dollar’s broader gains elsewhere. Euro-dollar extended the morning lows to $1.2608 but encountered moderate demand from around $1.2600, which held the pair up. Euro-dollar retraced a bit later in the morning, reaching $1.2620 just after middaySingapore/HK time. It was last traded at $1.2616. Looking ahead, the ECB rate decision on Thursday is the key event for the euro this week before Friday’s US jobs data. Immediate focus for the euro is still on $1.2465 level on the downside while initial resistance is now noted in the $1.2635-65 region.
