The pair started in Asia at $1.2751 this morning after last night’s $1.2709 to $1.2765 range in the US. With the dollar trading with a heavy tone in early dealings, euro-dollar was bid up to $1.2761 a few minutes before Asian stocks got underway, and it then followed up with a slight dip back toward $1.2750. A reversal in dollar-yen following remarks by health minister Shiozaki sparked off a modest dollar recovery and the euro headed further south as a result. Euro-dollar fell to a $1.2740 in the late morning amid further sell orders cited near $1.2745, with some mention of reserve managers there also helping with the push lower. Euro-dollar was last at $1.2746 and a move through$1.2700 would bring the $1.2660 Nov 2012 monthly low into range. Initial resistance is noted in the $1.2765-1.2839 region.
