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EURO-DOLLAR: Having made a show under the recent low of $1.1325 in European
morning trade, the rate touching a low of $1.1323, it recovered to $1.1344 ahead
of NY before it lifted on to $1.1351 before upside momentum faltered. As has
been seen in recent sessions recovery efforts have proved laboured and attracted
fresh sales with rate today pressed to a fresh low of $1.1321 into the 1600GMT
fix. Rate performed a minor recovery to settle around $1.1330 but underlying
remains heavy. Growth concerns have been providing the main directional drivers
with next week bringing German and EZ GDP data on Thursday Feb14, will have to
wait and see if the EUR can attract any love from these releases. ECB de Guindos
speaks in Madrid Monday(Feb11 0800GMT); ECB Coeure speaks in NY Friday(Feb15,
1300GMT). China returns from its Lunar New Year week long holiday on Monday
which could provide fresh directional input.
- Support $1.1320, $1.1300, stronger between $1.1290/80. Resistance $1.1350/60
ahead of $1.1380 and $1.1400-10.