Into European trading and the Euro looked corrective against the Dollar as the fresh record highs in EUR/JPY supported the single currency once more. However, the subsequent cross failure & sell-off then weighed on spot. The run into the 1.32's eventually lost traction and spot eased back to 1.3195 support.
Bids into 1.3185 were then eventually absorbed as a host of sales impacted. 1.3165 has printed thus far with 1.3160 eyed. Looking ahead, many will trade the reaction to the US data into the North American session. US Q3 Final GDP is set for release at 13:30 GMT to provide the early risk for the Dollar. However, with November Leading Indicators & Chicago Fed data and December Philly Fed set to hit the screens at 15:00 GMT & 17:00 GMT respectively, the risk-profile will be little altered in the short-term.
Many cast an eye to the Philly release as the most recent data (therefore the most fresh and significant). 1.3150 is seen as a key level on the downside as the official buyers are touted into this level with these reinforced in the short-run by the 1.3155 expiry intraday (NY cut at 15:00 GMT).
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