EUR/USD closed in NY at $1.3285, after rate had pushed to highs of $1.3322 to take out option barrier interest at $1.3315. Move up had been aided by increased hopes that progress had been made on the Greek debt deal, though this was partially thwarted by German FinMin comments not to expect a decision out of Thursday’s Eurogroup meeting, which allowed for the pullback. Rate initially edged up to $1.32914 as early demand for euro crosses provided buoyancy. A dovish RBA statement pressed Aussie lower and prompted some decent demand for EUR/AUD, with demand also noted for the EUR versus NZD and SGD. However, as AUD/USD sank lower on stop driven trade it eventually provided the weight to take rate to an eventual session low of $1.3253. Rate held heavy into early Europe, extending lows to $1.32388 where it met strong demand between $1.3240/35 before recovering to $1.3283, aided in part by EUR/AUD buys. Negative comments concerning Greece weighed back, but demand at $1.3240/35 continued to support.
EasyForexNews Research Team