The pair opened at $1.2483 this morning after rising to a $1.2507 high, drawn in part by option-related orders surrounding $1.2500. Euro-dollar retreated in early dealings as the US dollar found renewed bids, which propelled it higher against the Japanese yen. Euro-dollar traded a low of $1.2471 but then rebounded as euro-yen also then began to strengthen. Euro-dollar reached a High of $1.2496 in Asia this morning but further gains were curtailed by a lack of follow-through ahead of tonight’s ECB meeting and the decision after. Players expect at the minimum that the ECB’s accompanying statement and ECB President Mario Draghi will take on dovish undertones later today. Euro-dollar was last at $1.2503.
