EUR/USD remains under pressure despite a decent sell off in US equities, a rarity these days, and a downward revision to National Association of Realtors home sales forecast. They see 2007 sales falling 2.9%, a revision of an earlier 2.2% forecasted decline.
EUR crosses are seeing significant profit-taking today, weighing heavy on the single currency. EUR/GBP is back below 0.6800 with M&A flows and fears of a 50 bp hike from the BOE providing a bid while EUR/JPY is down on pure position squaring.
Dealers continue to express willingness to buy EUR/USD on dips with tight stops below 1.3520. Small stops are seen just below the 1.3535 area lows posted Thursday afternoon. EUR/USD trades at 1.3544.
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