With political strategists still crunching the numbers on what exactly the outcome of the US mid-Term elections will be and how the results reflect the state of the economy, the Dollar remains pressured. Into the North American open and two senate seats remain undeclared but with the scores tied at 49 the Democrats need to take both to win the upper house.
As a result of the US unit witnessing little in the way of a relief rally EUR/USD has headed back for a retest of the key 1.28 level. Spot printed a high at 1.2807 but with central bank sales seen into 1.2810/15 & other official supply into 1.2820 the price has struggled to mainatin the highs. Ahead of the US open and the Euro has managed to sustain the majority of its gains with bidding from quality interbank players noted into the pullback to 1.2785/90.
Only a break back below 1.2760 and the stops seen sub-1.2750 will force the downside to come back into focus. Dealers note another lightened event-risk calendar with Fed speakers dominating the horizon (Moskow 14:10 & 17:10 GMT).
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