Closed in NY at $1.2940, the rate recovered from a pullback low of $1.2929 after earlier posting a high of $1.2982. Risk sentiment from encouraging labour data was eroded by news that a Greek court ruled pension reforms requested by the Troika in order for Greece to secure more bailout cash may be unconstitutional. Euro-dollar opened flat in Asia around $1.2937 and after some early demand interest lifted to $1.2951. The pair met resistance and ground lower as interbank traders positioned shorts ahead of stops beneath $1.2925. Late dealings saw sharp supply from a Swiss bank add weight and the pair flushed stops on the move to $1.2891, before dip demand led recovery attempts back above $1.2900. There is talk of a $1.2880-1.3040 DNT expiring today and also another at $1.2810-1.3240 on Nov 9. The main event of the day arrives at 1230GMT, with release of the much anticipated US October Non-farm payrolls for October. Nonfarm payrolls are forecast to rise by 125,000 in October after a 114,000 rise in September.
EasyForexNews Research Team