On Thursday, EUR/USD closed little changed as euro strength in Asia and the US made place for euro weakness in the US session. The intra-day volatility was driven by only some flimsy developments. Finally, the pair closed at 1.3011, a negligible 3 pips loss versus Wednesday. Intraday, EUR/USD was well bid in the Asian and the European morning session and reached an intra-day top at 1.3094 just afternoon, up from opening levels around 1.3010. We didn’t see much concrete news behind the up-move. It might be that the inability of the dollar to gain on weak PMI’s and the IFO on Wednesday and Tuesday, encouraged euro bulls to bid the euro higher.
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KBC