EUR cross sales (EUR/JPY, EUR/CHF & EUR/GBP) have weighed on EUR/USD intraday. Further stock volatility and the early failure to crack the 10-Day M/A line at 1.3175 left the price open to renewed selling, while EZ data only managed to disappoint. Bids from 1.3120 back to 1.3100 attempted to prop but official bids failed to emerge and this left spot open to a break into the 1.3090's.
Stops triggered in the move with 1.3087 printing into the NorAm open. Looking ahead, US Tres. Sec, Hank Paulson, is on his Asian tour so the early attention falls to the next round of comments from Poole. The St. Louis President is due to talk in Santiago at around 16:00 GMT on "inflation, financial stability and economic growth". However, before the key intraday rhetoric and US Non-Manf.
ISM data for February is set for release at 15:00 GMT. Economists have opted for a 57.2 consensus but with the risk skewed clear to the downside the Dollar may struggle come what may. Stops in EUR/USD remain in play below 1.3080 while 1.3050 and 1.3000 will then become viable bear targets as leveraged players increase follow-through momentum on the break lower.
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