EUR/USD opens the US session not far from where we left it on Friday. 1.2980, the top of the range for much of 2006 until prices broke out over the Thanksgiving weekend, which remains support on dips having been tested again overnight in Asia. Sovereign buying was reported ahead of that level once again today.
Sellers are seen in the 1.3020/30 area and again toward 1.3050, dealers report. The US calendar is very light with only the Fed"s Kohn scheduled to speak early this afternoon in Atlanta on the agenda until consumer credit at 20:00 GMT. Look for cross trading to have inordinate influence on the market near-term as carry trades ebb and flow. At present, they are in rebound mode which should help cushion EUR/USD dips.
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