An end to the EUR rot last session but we have seen very little in the way of EUR pep so far Wednesday. The better tone top the European equity market and the poor results from the German January manufacturing order data had little impact on the market. EUR/USD traded to 1.3142 in early Asian trade then slipped to 1.3110 into the European open.
Price has steadied and climbed back to 1.3125 by London midday but action remains extremely tight. There is talk in the market of reasonable sized offers in the 1.3140-50 area. A choppy Cable market saw the EUR slack taken up through EUR/GBP. The cross drawing support from just under 0.6800 from German names.
German manufacturing orders for January surprised to the downside with a full 1.0% drop on the month from a 0.7% rise in December. The December number was revised up from -0.2%. The market had been looking for a 0.4% gain on the month. EUR/USD looks heavy in the high 1.3120's and bid at 1.3110.
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