Ignoring weaker than expected data has been the theme forthe European morning. Into early trading and the dip to 1.2913 saw good buyers emerge and US investment houses bought the pair back through the 1.2920's.
Offers in the 1.2930 were then absorbed ahead of Euro Zone data. Sales back to 1.2940 were filled ahead of the German economic numbers in a similar price action. Into NorAm trading and spot has run above 1.2950 to remove stops but more are now seen above 1.2960 before the rumoured official sales into 1.2970. Looking ahead, a North American session of rhetoric is eyed with Paulson, Moskow& Bernanke all set to speak. Weekly Redbook retail numbers are set for release at 13:55 GMT but the attention will then turn to the Paulson testimony in Washington (15:00 GMT).
Following this, Moskow is set to speak in Chicago after 18:00 GMT with the key-note Bernanke address due around 18:30 GMT.On the options front, decent sized 1.3000 strikes are due to expire at the NY cut at 15:00 GMT. Should the topside stay in focus then these could weigh later in the session with large 1.31 strikes also maturing intraday.
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