EUR/USD did very little in Asia, holding in a very tight 1.2585-1.2603 range and not much different than the 1.2588-1.2614 seen in London overnight. The pair looks to be sandwiched between central bank bids tipped in the 1.2860-70 area and offers above 1.2600, notably from 1.2615 to 1.2630. EZ fundamentals remain strong but the revisions to US nonfarm payrolls released Friday could not be ignored and resulted in the somewhat heavy EUR/USD since. The prognosis is for more range trading with little to upset the current status quo. More data out of Europe later this week could shake things up a bit but the market looks to happy where it is currently with EUR/GBP and EUR/CHF mostly steady. EUR/JPY looks to be better bid but more on JPY weakness than EUR strength.
The results of the EZ EcoFin meeting show most officials happy with current growth. Perhaps more importantly, they seem sanguine about the current level of interest rates and oil prices. Concerns over more ECB interest are not discernable in the least.
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