Greek headlines once again drove markets and euro-dollar closed in NY at $1.2705, the rate having recovered off pullback lows of $1.2670. Euro-dollar opened flat in Asia and headed higher on euro-yen demand ahead of the Tokyo fix, the rate extended gains to $1.2715 as risk appetite improved across the board. Light profit take sales eased before demand met in the dip, the rate squeezed to $1.2729 and a re-test of yesterday’s intraday high. Tight range trade continued with a Swiss name a noted buyer in late dealings, the pair last $1.2715 ahead of Europe. On the topside offers reported at $1.2735/40, tech resistance behind at $1.2741 (38.2% of $Jul-Sep rally), ahead of $1.2752 (61.8% of $1.2791-1.2690). Data light in the US today with main highlights from Retail Sales and PPI, released at 1330GMT.
EasyForexNews Research Team