Closed in NY at $1.3084 after recovering off pullback lows of $1.3042. Rate got an early lift to $1.3091, as recovery extended , but this quickly reversed as rate became subject to negative cross flows, led by sales of EUR/AUD. Rate squeezed back to $1.3050. Rate settled back between $1.3060/80 into the Asian afternoon before coming under further pressure ahead of the European open with rate pressed to an overnight low of $1.3045. Rate currently holding heavy on this low at writing. Picking up talk of demand in place to $1.3040, while Asian traders note European corp demand seen positioned from $1.3030 and trailing down to $1.2995. Offers remain between $1.3090/00, more seen placed from $1.3120 through to $1.3150. Some suggestion we could see a Greek debt deal announced today, which could make market wary of taking the rate too much lower, with traders also noting that leveraged accounts looked to be exposed with short positions. Recent pullbacks have been cushioned as market seen already overly short the euro. Eurozone PMI and Eurozone flash CPI this morning’s highlight data.
EasyForexNews Research Team