Into the NorAm open and the US Employment report, due at 13:30 GMT, has kept the bulk of the market on the sidelines during Friday trading. As a result, EUR/USD continued to trade inside the already formed 1.3015/30 range. The broader 1.3000/50 comfort-zone has failed to be troubled as spot flat-lined to pivot 1.3020, the level where a fair sized expiry sits at the NY cut (15:00 GMT).
The early European dip was soon corrected as bids into 1.3010/15 left the downside limited and Euro Zone data failed to impact the market significantly. Offers again trail from 1.3040 back to 1.3050 with talk of O/N 1.3050 strikes set to expire also. On the downside stops are seen from 1.2990 back to 1.2980 before official demand into the 1.2975/80 area kicks in. Stops are also seen above 1.3055 but not in great size.
Looking ahead, it will be the US numbers that set the tone for the pre- weekend directional bias with economists opting for a 149K consensus. A strong number will have EUR/USD looking for a close back below 1.30 while a weak number will have trading eyeing a 1.3060+ contra bear-trend close higher.
No comments:
Post a Comment