The pair opened at $1.2284 in Asia Monday having dealt a NY range of $1.2271 to $1.2379 after a unexpected strong US non-farm payrolls data. The rate recovered higher on early demand from euro-yen cross, as dollar-yen hit fresh multi-year high of Y121.86 in early trade. The spot was lifted to an Asian session high of $1.2303 from session low of $1.2278, dragged higher by firmer euro-yen but eased lower after dollar-yen recovered from the high and the euro drifts to $1.2290 last. The euro-yen drifted lower after traders digested the Japan data and the euro was little changed after China posted a record trade surplus. The euro halted before last Friday’s low of $1.2271, ahead of strong demand/barrier expiry today at $1.2250 woth Eur673 mln, with further support at $1.2228/30 (trend-line and 200-month ma) while on top reported option expiry today at $1.2300 worth Eur1.5 bln with more offers/expiry at $1.2325.
