Closed in NY Friday at $1.2816, off session highs of $1.2818, seen as the dollar was sold off across the board following the release of weaker than expected US NFP data and which is seen placing increased speculation the FOMC may introduce QE3 at their meeting this week (announcement Thursday). Rate maintained levels above $1.2800 in early Asian trade Monday before getting squeezed below as market reacted to press reports that the Troika (which had returned to Athens Friday) had rejected some E2bln of proposed spending and revenue measures. This along with comments from Finland suggesting that granting Greece more time to cut its deficit would imposer additional costs on Finland also weighed. Rate drifted to a low of $1.2781, recovery efforts from here holding below $1.2800. Rate seen resting on overnight lows into early Europe. Bids into $1.2780, a break to open a deeper move toward stronger demand at $1.2750, with further bids dotted down to $1.2705. Stops $1.2700. Offers $1.2825, stronger $1.2835/40 ($1.2838 200-dma). Option stop buy orders $1.2855 to $1.2900.
EasyForexNews Research Team