Closed in NY at $1.2907 , the rate having seen high earlier in the day of $1.2937 before squeezing back to $1.2887. The recovery into the close continued into Asia, the move extending to $1.2924 before getting knocked back to $1.2910 but the dip quickly attracted fresh demand that saw rate edging toward resistance in the $1.2930/40 area. The move up seen driven via the crosses, demand in euro-Aussie and euro-yen the main pairs noted. The move up in the euro seen despite reports that the Troika is demanding that Greece increases the amount of spending cuts. Further offers seen into $1.2950 with stops above, with stronger interest remaining into $1.2970. Asian reserve demand is reported in place from $1.2890, extending to $1.2865, with stops below. Focus today on the ECB rate decision at 1145GMT ahead of the press conference at 1230GMT. No change in rates widely expected.
EasyForexNews Research Team