Dealers noted a quick slide from the low 1.3170s to 1.3150 on a recommendation from a US money center bank to go short EUR/USD for a dip back onto the 1.29-handle near-term. The buck is holding up reasonably well despite slightly weaker than expected US new home sales, a sign the market may be tiring.
EUR/USD dealers are keying off the 1.9550 level in cable, and the inability to break above that level may help set of a broad-based short-covering rally in the next day or two. The Fed's Beige Book will be eyed for further clues this afternoon. After Bernanke yesterday, dealers expect a cautious tone on inflation going forward. EUR/USD trades at 1.3158.
No comments:
Post a Comment