Closed in NY at $1.3219, after rate saw an aggressive recovery rally through the afternoon session off pullback lows of $1.3093 to $1.3235. Rate picked up fresh demand into early Auckland trade Monday, as market reacted positively to weekend reports in the WSJ suggesting the Greek debt deal with its private investors was close to agreement. Rate pushed to a high of $1.3233, faltering ahead of the NY high before turning lower. Rate eased to $1.3210 with main Asia pressing the rate down to $1.3190 as Asian equity markets opened negative. The apparent failure to get an agreement on Greek debt ahead of today’s EU Summit, as well as German suggestions for greater external controls on the Greek budget meeting objections, was seen placing a negative feel on EUR/USD. Rate found initial support at $1.3175/70, but recovery failed to edge back above $1.3200 with fresh sales taking it down to $1.31667 ahead of the European open with rate holding heavy. Focus to remain on Greek debt developments, today’s EU Summit. German CPI, Eurozone confidence indexes and Italy bond auction in view.
EasyForexNews Research Team