It’s been a relatively muted session for the euro with the single currency mostly trading lower despite the dollar’s declines vs the yen, mainly because euro-yen also retreated in line with dollar-yen. Euro-dollar started out at $1.2443 this morning and retreated to $1.2433 in early dealings. It saw a mild bounce to $1.2438 and then turned lower as dollar-yen pullback off its initial lows also dragged euro-yen down with it. Euro-dollar found a temporary base at $1.2425 and it spent a little over an hour traipsing near tere before a fresh round of euro-yen weakness appeared. Euro-dollar declined further to a $1.2421 low in the late morning and last trades at $1.2424. For now, last night’s US low of $1.2402 likely to hold, with any break there to see the pair head toward the $1.2360/58 area of yesterday’s low and the 2014 low traded on
Nov. 7.
