Into European trading and spot had attained a mild offered tone as the broader stock correction was seen aiding the Dollar. Trading was sold through 1.3210 bids and support into 1.3200 failed to prop also but spot bounced off 1.3195 ahead of the release of Euro Zone data.
On the topside offers into 1.3215/20 have looked to cap the rebound with more sellers 1.3240/50. Looking ahead, a plethora of US numbers are set for release into North American trading. Should the Dollar hold its corrective tone once the dust settles then the move lower will need to clear central bank bids into 1.3190, the stops below, and then the mass of buyers camped into the 1.3180 area.
Stops are also seen below, into the 1.3175 area, so traders should watch and await for any break of this level. Elsewhere, in the wake of the previous hawkish Liebscher comments a host of further hawkish rhetoric, from various ECB speakers, has helped underpin the Euro today. The main crux argument centers on the risk to Euro Zone inflation into late 2007 and early 2008.
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