The pair opened the week in Asia at $1.0832 this morning, down slightly from Friday’s close in New York at $1.0844 and initially marked a $1.0827 to $1.0841 range. So far today, it’s been a relatively calm market for euro-dollar, which slipped further to a low of $1.0822 before running into demand off that low. That sparked a recovery back to $1.084/46 and euro-dollar then followed up with an extension of the gains to a $1.0856 high soon after the start of Japanese stock markets. The move was also believed to have been powered by the aussie decline via euro-aussie. Gains were not sustained and euro-dollar then eased again around mid-morning, slipping back to around $1.0840 again. It last traded at $1.0841, with support seen at $1.0809 (low Sept 4 2003), while below there should target a test of $1.0760 (Sept
monthly low).
