Closed in NY at $1.2280, after rate had recovered off NY lows of $1.2229 to $1.2290, with rate opening Asia at recognizable levels seen over the last few days. Quiet opening start in Asia before rate was pressured to session lows of $1.2250. No clear reason for the drop with some linking move to fund sales, European reserve manager, though most likely option desks. Rate recovered, meeting initial resistance around $1.2260 before spiking to session highs of $1.2284 on suggested Asian sovereign buys. Rate sits back above $1.2260 into early European trade. EUR/USD remains within an outside range of $1.2150-1.2350 with downside moves cushioned in the $1.2190/60 area, and topside so far restricted to $1.2325. Asian traders note that offers above $1.2320 remain in place, and seen heavier than Thursday. Euro cross plays were the main driver of trade yesterday and will likely be active again Friday. Germany PPI data released at 0600GMT the early interest in an otherwise data lite calendar. Eurogroup conference call at 1000GMT expected to produce comment.
EasyForexNews Research Team