Closed in NY at $1.3082 after rate had bounced off pullback lows of $1.3029 to push above $1.3100, marking session highs of $1.3103 before drifting off into the close. Rate consolidated this move in early Asia within a range of $1.3075/85 with an afternoon lift taking it up to $1.3085/91 ahead of the European open. Rate remains buoyed by euro-yen demand, currently holding just off those overnight highs around $1.3087. Moves to again be influenced by yen action through the day, with some positioning (which may already be activated) expected ahead of tonight’s FOMC Minutes (though traders note that this release could prove a little stale after the recent release of NFP, Fed speakers since the meeting and action by the BOJ last week). IP data releases for France, Spain and Sweden, along with CPI in Norway provide the morning’s data interest, with a light US calendar ahead of that mentioned FOMC event. Offers seen placed from above $1.3000 through to $1.3015 (covers $1.3014 38.2% $1.3711-1.2745), though stops seen mixed in between $1.3110/20. Further offers $1.3130 with attention on the 100-dma at $1.3148. Support remains at $1.3075/70 ahead of $1.3050, $1.3030 and into $1.3000
EasyForexNews Research Team