EUR/USD gridlock continued intraday with the pre-Euro Zone data stab at 1.2800 failing as dealers see the continued 1.28/29 band showing little sign of being broken dealers have been wary taking on excessive positions near the range-periphery. Offers from 1.2830 to 1.2850 cap initial stabs higher while on the downside stops are seen below 1.2795 & 1.2770.
On the options front the expiries intraday at 1.2830 & 1.2850 are said to have brought gamma related supply to the table should the Dollar be in decline ahead of the 15:00 GMT NY cut-off. US CPI data is seen as the big event-risk into the North American session (13:30 GMT). With the FOMC showing yesterday that the Fed is waiting for fresh data, the market is doing likewise before considering altering their 2007 projections.
Economists look for a -0.3% M/M headline with core seen up 0.2%. Also set for release is the weekly data before Pianalto speaks in Ohio. Later in the day September inflow data and the industrial production release for October are due at 14:00 GMT & 14:15 GMT respectively.
No comments:
Post a Comment