The pair started this morning at $1.1606 following yesterday’s $1.1546 to $1.1639 range. With US markets closed for a holiday last night, euro-dollar saw muted interest at the start of the session today and was weighed down initially by the broader US dollar gains. It fell through $1.1600 before Japanese stock markets opened, to trade $1.1591. Euro-dollar losses continued after that and it then dropped to a low of $1.1573. A largely positive reading of Chinese data gave euro-dollar a minor boost, lifting it up to $1.1590 before it eased again to last trade at $1.1578. Stops are noted above $1.1670, $1.1750 and $1.1800 today and on the downside below $1.1540 and $1.1450. The focus remains on this week’s ECB meeting and the coming Greece elections. Last Thursday’s move by the SNB to pull out of the Chf1.2000/euro floor has fueled speculation that the ECB could announce they will conduct large size EZ government bond buying QE, while Denmark also lowered interest rates yesterday.
