EUR/USD was bought up to a fresh 1-month high at 1.3153 into early European trading to erase any potential option barriers at 1.3150. However, option related sales continued to rebuff the advance and the price soon eased lower on this failure. The 1% M/A band top at 1.3155 also added weight as cross sales and the cable sell-off (in the wake of the poor UK data) took the attention off the Euro.
Bids into 1.3120 prop but more sit at 1.3100, stops noted under 1.31 (circa 1.3090 & sub-1.3075). Looking ahead, in the wake of the Bernanke inflation comments US raw data will attain even greater significance. Import and Export numbers for January are set for release at 13:30 GMT with economists currently opting for a -1.0% M/M (import) and +0.3% M/M (export) consensus.
Also set for release are weekly jobless numbers and the February NY Empire State Survey (forecast at 10.00 Vs the previous 9.13 in Jan). On the options front, the 1.3150 strike set for expiry at the NY cut-off at 15:00 GMT is accompanied by a similar EUR400Mln 1.3150 strike tomorrow.
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