Opened early Europe at $1.3268, EUR/USD closed in NY at $1.3261, just off recovery highs of $1.32708 seen after the euro made strong gains on reports that a Greek debt deal
was nearing conclusion. Rate initially edged to $1.3266 into early Asia on EUR/AUD demand, with EUR/JPY buys also seen into the Tokyo fix. Rate reversed to session lows of $1.3241 before picking up fresh demand, middle east noted buyers from $1.3255 to $1.3275, buying again into the dip to $1.3265 that took rate on to $1.3288 into early Europe. Semi official and Asian sovereign supply greeted rallies, with traders also noting major German name sales placed ahead of the reported barrier at $1.3300. Dips continued to attract middle eastern demand before giving way to allow rate to make a brief show under $1.3250 in late morning trade. Fresh demand again emerged to take rate back to $1.3270 but rate
looks to have settled within $1.3240/30-$1.3290/1.3300 ahead of a definite announcement on the Greek debt deal. Nothing else data wise to divert attention away from Greece.
EasyForexNews Research Team