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Sharp bounce back in EUR/USD Thursday,...>

MNI (London)
DOLLAR-YEN: Sharp bounce back in EUR/USD Thursday, after meeting strong demand
into $1.1100 also bounced EUR/JPY which in turn took USD/JPY from the area just
above Y108 to Y108.75 before it settled back above Y108.60 into the close. Early
demand in Asia edged rate back toward Thursday's high but was seen meeting stiff
resistance on approach. Failure turned rate lower, the move able to fill
reported demand into Y108.60 and take it down to Y108.56. Slow recovery into
Europe has seen rate edge back to Y108.66. Asian traders say trade in their
session was seen subdued ahead of this afternoon's US GDP release. Resistance
remains into Y108.75, stronger into Y109.00 with talk that any move above
Y109.10 could prompt stronger demand. Support now seen into Y108.50 with
stronger interest suggested between Y108.40/30. A break here to expose
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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