Spot pushed to an intraday low of 1.1946 amid the early European Dollar selling but the pair soon rebounded as short-USD positions were cut across the board. Swiss data did little for the Franc as the early GDP disappointment was offset by the surging PMI data.
The pair soon worked back into the 1.2000's to erase stops above and 1.2009 was printed before fresh supply emerged. The 1.1925 option barriers have remained intact but should the sub-1.1945 stops be triggered then a run at this area (and its protection) is eyed.
Looking ahead, US ISM is seen as the key event-risk ahead of the week-end, as dealers ponder the potential for a sub-50 surprise at 15:00 GMT. Bernanke is set to speak in Washington early in the session while Moskow & Lacker comments due later in the day.
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