The pair started this morning at $1.1381 after a $1.1275 to $1.1423 range during the US hours overnight. It ran into early selling pressure as euro-yen retreated in the opening hours of the day. US dollar gains elsewhere then put further pressure on the euro and it slipped to $1.1348 and then to a low of $1.1331 after a minor recovery to $1.1367 failed. Traders noted also cross related flows against the aussie following the Australian CPI shock also weighed on the single currency. Euro-dollar ran into demand interest after it hit the low, and it then crept back up to $1.1344 late in the morning. It last traded at $1.1340. Support lies at $1.1300, marking the 38.2% fibo retracement of the $1.1098 to $1.1425 rise.
