North American dealers have argued that European dealers have had all the fun of late but intraday the static EUR/USD price has left little "fun" for the taking. Spot has held near the 1.3150 mark for the majority of the morning as the pair carves a 30-pip range either side.
Official offers into 1.3175 will cap should the session high at 1.3162 be bested while technical resistance at 1.3180 remains intact. On the downside interbank, fund and other assorted support into 1.3120 props before the Asian central bank & option related buyers into 1.3100/3095 are found.
Stops still reside sub-1.3075. Looking ahead, both Bernanke & Greenspan are set to comment later in the day while on the data front US Durable Goods at 13:30 GMT is followed by Consumer Confidence & Existing Housing data at 15:00 GMT. Elsewhere, jawboning on what rates constitute a "danger to the economy" continues, some suggest the move higher is already putting the brakes on the economy while others see EUR/USD in the 1.30"s as no problem. However, it is more than likely that all will cry if 1.40/50 rates begin to become a reality.
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