The pair traded between $1.2412 and $1.2499 during the holiday-thinned US session overnight before it started this morning’s session at $1.2475. Early dealings aw euro-dollar holding near that opening mark, with $1.2477 eventually turning out to the high for the session so far. Euro-dollar tracked early euro-yen weakness and fell to $1.2462 soon after the start of Japanese stock markets. Euro-dollar losses continued as euro-yen failed to recover, the former then sliding to a $1.2454 low around mid-morning. It spent a few hours pinned down near that low, before rebounding. Dealers attributed that to the US dollar’s sharp move lower vs the yen as Japanese stocks retreated, helping euro-dollar recover to $1.2475. The dollar recovered in the afternoon as did Japanese stocks, and euro-dollar also pared back some of the earlier gains while holding just off the high, to last trade at $1.2474.
