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Wednesday, May 09, 2007

EUR/USD: Jawboning Gives EUR Modest Lift

USD/JPY is leading the way lower for the greenback with some jawboning from the EU's Juncker helping fuel the move. He suggests that JPY rates do not reflect economic fundamentals.

EUR/JPY is slipping as well, making EUR/USD a slow grind to the topside. Juncker further notes that a continued strong EUR could hurt exports. Offers are seen in the 1.3555/60 region with a few small stops sprinkled above 1.3565. EUR/USD trades at 1.3546.

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