Closed in NY at $1.2886 after rate had seen extended recovery highs of $1.2939, off earlier Asian lows of $1.2804, with rate edging off initial pullback lows of $1.2877 into the close. Rate bobbed above session lows of $1.2884 through early Asia before rate picked up a slightly better bid tone via euro crosses, one trader mentioned interest to position for euro-sterling stops above stg0.8005, the rate edging to highs of $1.2905 before settling above $1.2900 ahead of the RBA rate decision. The 25bp cut surprised some, the market seen split on the decision, with the react sell off in Aussie-dollar dropped euro-dollar back to retest the $1.2884 session lows before settling back around $1.2900 ahead of the European open. Bids remain in place from $1.2884 with interest extending toward $1.2870. Offers remain between $1.2940/60 with interim interest seen between $1.2905/15. Eurozone PPI due at 0900GMT provides this morning’s data outlook, with Spain employment report for Sep at 0700GMT may also promote some interest.
EasyForexNews Research Team