EUR/USD: Dips to 1.3217 as Trade Gap Narrows

EUR/USD dipped below 1.3220 as the US posted a much narrower than expected trade deficit for October. Sovereign bids were rumored headed into the figures and they look to be at play as the greenback stabilizes in the 1.3220s. 1.3200 and 1.3175 are further support on dips. A quick read of the trade data show record US exports. Offers are eyed at 1.3235/40 near-term.