Closed in NY at $1.3052 after rate had extended its recovery off earlier, Eurozone weekend election result inspired, Asian lows of $1.29552 to $1.3066 in a holiday thinned market (UK out, return this morning). Rate edged higher into early Asia, pushing above the NY high to $1.30671 as reported stops above $1.3070 became the early attraction. However, move met US model fund supply which countered before rate turned lower, the momentum able to fill Swiss demand at $1.3040 before finding a base at $1.3025 after weak stops were triggered below $1.3030. Rate recovered to $1.3040 with markets awaiting London’s influence on the rate following the weekend elections and the current Greek impasse as parties struggle to form a government. Bids seen placed from $1.3020 through to $1.2990. Offers remain to $1.3070 with stops noted through $1.3070/75 but if triggered to meet heavier macro and sovereign offers above $1.3090. A light data calendar, German IP due at 1000GMT the morning’s highlight. Fall out from the Greek election and developments in Spain (bad bank announcement Friday?) to be watched.
EasyForexNews Research Team