Closed in NY at $1.3082 after correcting back from a late recovery high of $1.3100. Rate eased back to $1.3066 in early Asian trading, as rate was influenced by Aussie sales as that market targeted stops below $1.0250. Recovery in this latter pair allowed EUR/USD to move higher, with early momentum boosted as traders reacted to the dollar-yuan fix, some seeing the level higher than expected, which took EUR/USD up to $1.3084 before Japanese trust fund demand for EUR/JPY provided the added upside momentum to take rate on to $1.3194. Offers placed toward $1.3100 remain in place with talk in Asia of stops residing above. Stronger offers are reported in place from above $1.3120. Bids seen from $1.3065, strengthening toward $1.3050 with stops noted on a break of $1.3045. Eurozone periphery to remain in the spotlight, with Spanish yields of note. Spanish industrial production data at 0700GMT of interest this morning in an otherwise light data calendar.
EasyForexNews Research Team