The Asian Dollar rally was short-lived and into late Asian trading the dip to 1.3561 was corrected. As a result Europe inherited a spot price in the 1.3590's but option related sales helped cap the topside and ahead of the European data the price eased back from the 1.3597 session high. Bids into 1.3570 propped the dip as Euro Zone data was digested but the Euro failed to garner any significant support, despite EZ Unemployment hitting a record low.
Looking ahead, US data is eyed once more into North American trading as the 12:15 GMT ADP report that gives the market further insight as to the likely range for the Friday Employment report. It will take a break below 1.3540 before the longer-term uptrend is undone. Stops are noted on a break below here with some suggesting these orders trail back to below 1.3500.
On the options front, a plethora of strikes impact the market intraday with 1.3540 to 1.3750 the range. Decent sized 1.3600 and 1.3605 expiries helped cap the early European spot strength but with the downside in focus it will be the 1.3540/45 maturities that are closest to market into early NY trading.
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