The pair ended the NY session at $1.2374 after trading a NY range of S1.2348 to $1.2448. The pair was lifted to an initial high of $1.2395 in early Asian Wednesday before Japan inflation numbers, up from an early base of $1.2369. The spot reversed lower after Japan & lower China inflation numbers to hit fresh Asian low of $1.2362 before recovering to $1.2390 last. The aussie plunged lower after softer China inflation data and dragged the euro lower. Long dollars liquidation continued on Wednesday as dollar-yen reversed lower from high of Y119.92, buoyed by weaker Nikkei. This pushed the euro higher to fresh session high of $1.2398 during early Asia afternoon, before retreating to $1.2394 last. Reported bids building up at $1.2355-50 levels, with further demand and expiry on Wednesday at $1.2300 while on the upside there’s option expiry at $1.2400 (E1.13 bln).
