Closed in NY Friday at $1.2740, the rate recovered off pullback lows of $1.2690 following calming fiscal cliff comments, after earlier posting a high of $1.2753. Demand in the crosses predominately from euro-yen lifted the rate to $1.2760 in early Asia, flushing light stops on the move. Tight range trade continued and the pair ground higher to $1.2773 on market talk that Greece will get the next tranche after Finance Minister Stournaras said there were no outstanding issues with Athens ahead of tomorrow’s eurozone FinMin’s meeting. On the topside light stops noted on a break of $1.2790, a break opens strong offers at $1.2805/10 ($1.2808 – 200-day ma), with more stops through $1.2815. US data light today with highlights from Exisitng Home Sales released at 1500GMT.
EasyForexNews Research Team