Closed in NY Friday at $1.3022, having been pressed to session lows of $1.2966 before recovering to $1.3042 then drifted off into the close. A fairly subdued session for euro-dollar through Asia with trade contained within a relatively tight range of $1.3002/31, trading around $1.3006 into Europe. Italian Beppe Grillo’s comment over the weekend about the country leaving the euro had little effect on trade, he had said similar in his election campaign. Euro-yen demand provided the lift to the overnight highs but traders noted supply sitting above $1.3030 preventing further upside progress. Support seen back in place between $1.3000/1.2990, a break to expose Friday’s lows. Offers from above $1.3030, stronger between $1.3040/50 ahead of $1.3070/80. Eurozone PPI data due up at 1000GMT in an otherwise data light morning. However, the week ahead provides interest with central bank decisions due from the RBA, BOC, ECB, BOE and BOJ, though no change expected in policy from any of them (ECB Draghi will outline key elements of the quarterly staff projections). US employment report Friday to end the week.
EasyForexNews Research Team