Closed in NY at $1.2965, the rate having extended its recent rally to $1.2972 through the US afternoon. Rate moved higher again into early Asia, pushing up to mark highs at $1.2973 before settling above $1.2954 through the balance of the session. Buoyancy was seen provided by ongoing euro cross demand, especially vs the commodity currencies with decent buys seen in EUR/AUD and EUR/CAD. Early Europe extends the topside again, moving up to $1.2980, but momentum again proving unconvincing. Talk of large $1.3000 strike options to roll off at today’s NY cut, along with decent sized $1.2950’s suggested to maybe keep rate contained. Chinese NY holidays into next week should leave Asia fairly quiet.The close above the 21-dma at $1.2875 Thursday, as well as the break of the 76.4% retrace level at $1.2970 of the year to date range of $1.3077/1.2624, seen keeping upside in focus, though market will be on alert for any comment coming from the Greek debt deal talks.
EasyForexNews Research Team