EUR/USD opens nearly unchanged this morning after a modest dip into the 1.2520s during the London morning. A rise in the Eurozone current account deficit was offset by a surge in industry orders, helping EUR/USD push slightly higher in its range.
EUR/JPY demand is helping keep dips shallow. The US calendar is light today with Richmond Fed at 14:00 the main event. At 13:00 GMT Belgian business sentiment is set for release, which is closely correlated with Ifo. 4.0 is expected, a slight dip from 4.5 next month. Ifo follows tomorrow.
Asian buying is rumored on dips this morning to 1.2525. Stops are seen below 1.2520 but bids return from 1.2510 on down. Offers are seen in the 1.2555 area on rallies near-term. Small stops are seen at 1.2560/65. A large 1.2550 options expiry is seen keeping markets well contained through the 14:00 GMT New York cut.
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