Closed in NY Tuesday at $1.2980, the rate recovered from a pullback low of $1.2952 where Asian soveriegn demand had been visible after earlier posting a high of $1.3041. Asian equities opened sharply lower in early trade and euro-dollar slipped to $1.2972. Dip demand recovered to $1.2992 as the dollar softened against most major currencies, before the pair met resistance ahead of $1.3000, later easing to $1.2985 in light dealings. On the topside market talk of decent sell orders above $1.3000 from directionary funds. Stops noted on the downside through $1.2945, ahead of bids/stops into $1.2920. Traders look to Oct PMI data releases from France, Germany and the eurozone this morning. German IFO survey follows next at 0900GMT, ahead of a meeting with ECB Chief Draghi and German lawmakers at 1200GMT.
EasyForexNews Research Team