Closed in NY Monday at $1.3162 after trade through this session was contained within a relatively tight range of $1.3150/79. Trade through the overnight session was also confined to a tight range, dealing restricted to $1.3156/78, opening into Europe around $1.3171. Asian traders have noted offers in place ahead of $1.3200, with an Asian sovereign said to be a seller here and drawing front run sell interest ahead. Barrier interest is also said to remain in place at the figure (Monday pre open trade at $1.3205 disregarded), with stops building above $1.3205. Bids remain in place between $1.3150/40, sovereign and semi official bids seen in this area Monday, and with some dollar intervention buying from Asian sovereigns noted overnight and could prompt some recycling euro-dollar purchases through Europe. Spain bill auctions at 0930GMT to provide interest in an otherwise data light day. Fiscal cliff negotiations taking prominence for direction.
EasyForexNews Research Team