Closed in NY Monday at $1.3026 after rate had slowly crept higher through the day, off lows of $1.2982, to a session high of $1.3029. Rate initially dipped to mark overnight lows at $1.3019 into Asian dealing before the recovery resumed, the rate edging up to an early high of $1.3041 before move met decent supply from a US name. Rate eased itself down to $1.3026 in steps before fresh demand emerged into the Asian afternoon, taking the euro-dollar through the earlier high and on to $1.3046 ahead of the European open. Despite the move up Asian traders have described the overnight session as fairly subdued. Support now seen at $1.3025/20, a break of $1.3019 (Asia low) to open a deeper move toward $1.3000 ahead of stronger interest at $1.2985/80. EZ services PMI data begins with Spain at 0813GMT through to EZ at 0858GMT and should provide the morning’s action. EZ retail sales data then due at 1000GMT.
EasyForexNews Research Team