EUR/USD finds itself in moribund ranges, orbiting 1.3450 with little to inspire fresh direction. Dealers are actively awaiting the Richmond Fed survey, a sign of how desperate the market is for a catalyst. This third-tier release is usually good for a yawn, but not much else.
1.3450 expiries this morning will dominate the price action over the next 30 minutes but dealers fear we may not stray far even when they roll off at 14:00 GMT. Just hitting the wires now are headlines from Italian PM Prodi supporting a two-speed EU if there is no deal on an EU constitution. We can only hope that brings with it a two-speed EUR.
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