The pair closed in NY Friday at $1.3345. The rate earlier pressed to extended lows of $1.3294 following release of stronger than expected US PPI data which showed its first rise in 3 months. The pair soon bounced and with strong dollar-yen supply through the London fix, rate extended recovery efforts to $1.3350 and settled in a tight range throughout the US afternoon. A quiet start to the working week in Asia, euro-dollar opening around $1.3345 advanced to $1.3358 as the dollar opened weaker across the board. The rate met supply ahead of $1.3360/70 and pared early gains, before a turn in the Nikkei index supported dollar-yen. Rate pressed to $1.3330, extending the slow grind to $1.3319, before settling into a tight range ahead of the European open. Tech support seen on the downside at $1.3317 (Former 23.6% of $1.2043-1.3711), bids behind into $1.3305/00. Focus this week turns to the FOMC meeting on Wednesday and Fed Bernanke’s press conference where many expect little in terms of changes to the statement.
