Closed in NY Friday at $1.2712 after rate had seen lows in this session at $1.2690 before recovering above the figure into the option cut influenced by a large maturity at $1.2700. Rate dipped to $1.2701 in early Asian trade before picking up demand interest, the move up given an added boost as the Greek parliament agreed the budget law (one of the pre-conditions set by the Troika in order to continue aid payments), the rate able to edge to a high of $1.2737 but momentum quickly faded as the short term spec driven drive met plenty of willing sellers. Rate eased to $1.2716 before picking up fresh demand which has allowed it to edge back above $1.2730 ahead of the European open. Focus now turns to today’s Eurogroup FinMin meeting, though no firm decision expected on next Greek aid tranche until the Troika Report. A light data calendar (Germany wholesale sales data at 0700GMT) and a NY holiday (Veterans Day) expected to make for subdued conditions. Euro-dollar demand said to remain at $1.2700, with bids extending to $1.2690. Stops below $1.2680. Resistance into $1.2760, stronger above $1.2805.
EasyForexNews Research Team