EUR/USD finds itself trapped in an uninteresting 1.3105/30 range in early US, desperately search for a theme on which to grab hold. Ifo was good but not great this morning but does not change the backdrop for the ECB one bit as they continue to steadily remove monetary accommodation.
News that Russia has canceled an order with Boeing is seen as a USD negative this morning as tensions between the US and Russia rise. Also at play is the fact that Russia has been seeking a significant equity stake in Airbus of late.
Tensions with Iran remain a concern bubbling just below the surface, though concerns over any imminent US military action are wildly overblown given the political landscape in Washington, not withstanding recent comments from VP Cheney, who says all options remain on the table. UK buyers are seen on dips to the 1.3100/05 area while offers lie at 1.3130/35/40/45.
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