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EURO SUMMARY
EURO SUMMARY: Euro-dollar: European open $1.1636, range $1.1625-1.1650, NY open
$1.1630, range $1.1625-1.1661
*The euro started to drift ahead of Eurozone CPI & GDP. Soft core release (0.9%)
pressed to $1.1625, before firmer GDP headline and revisions countered to hold
$1.1640/45. Early NY witnessed rate drift back towards the session lows.
*Despite the release of much better than expected MNI'S Chicago PMI
(59.9exp-66.2act) witnessed a reverse effect with the rate grinding
towards $1.1645.
*A sharp spike in the pair as cable rallied, as gilts moved sharply
higher. The pair went on to print fresh session highs of $1.1661.
*After printing a new session high of $1.1661, the rate drifted
back towards $1.1640. The move coincided with dollar demand at the month end
re-balancing.
*Following eur/yen demand and broad based yen pressure, eur/usd followed suit
with the rate grinding from $1.1640 towards the session high of $1.1661.
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