Closed in NY at $1.3092 after fading away from a late recovery high of $1.3108 with corrective dips noticeably continuing to draw willing buyers. A positive opening in Chinese stocks provided the early risk on boost, with demand for euro-yen triggering demand in euro-dollar. A UK clearer was a standout buyer as rate took out reported barrier interest at $1.310, with triggered stops lifting it on to an initial high of $1.3117. A dip back to $1.3097 was met by another round of buying which this time extended the rally to $1.3124, but stronger defence of a $1.3125 barrier prevented extension. Rate has since drifted lower, opening into Europe around $1.3109. Eurozone services/composite PMI’s due for release this morning, along with Eurozone retail sales, but of more interest expected to be provided by today’s US ADP jobs data, ahead of Friday’s key US employment report. Eurozone periphery yields will again be watched. Euro-dollar offers into $1.3125, more toward the Oct17 high at $1.3140, with another barrier s
EasyForexNews Research Team