A slightly softer tone as New York traders appear reluctant to join in the Dollar bashing. Having traded at levels not seen since April 2005 the EUR is now consolidating just off the 1.3109 high. Consolidation within a 1.3060 to 1.3100 range is the early North American theme.
A jittery London market is now asking whether the intraday trend can extend or if the best for the EUR has been seen. There is a feeling that the move was overdone and that if the US market fails to record a new high the EUR will slip back to the low 1.30"s before the session is out.
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