Selling of the Euro by Eastern European accounts is reported to have dampened EUR/USD. In the wake of the demand from 1.2840 back to 1.2835 being filled dealers now talk of stops being removed. Two UK Clearers, a large player in Frankfurt, US Investment Houses and others are now seen among the sellers as spot looks to push into the 1.2820's.
Should the price manage to avoid a break into the 1.2820's then a quick correction could be on the cards, however, any push below 1.2830 will find the earlier official buyers and other assorted bids trailing back to 1.2820. Elsewhere, the EU's Lobby UNICE Head has noted that before the European Central Bank embark on a series of rates moves in 2007 they must for wait for "clear evidence of inflation".
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