Free Trial

Sharp rally continued into early NY.....>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Sharp rally continued into early NY Thursday taking EUR/USD to an
extended high of $1.1777 before momentum faded and it eased to $1.1739 post
London fix. Recovery through the NY afternoon saw rate rally back to
$1.1785before it settled below $1.1780 into the close. Consolidation in Asia had
rate confined to a tight range of $1.1775/87. Risk appetite remains to the fore
and seen weighing on the USD and JPY, this despite buoyant UST yields but with
bund yields also edging higher seen providing the underlying rive in EUR/USD's
rise. Tech traders have $1.1850 in their sights, supported by Thursday's close
above $1.1750, though others suggest that while they still see upside room in
this rate they haven't lost faith in the USD in the longer term. Maybe a rethink
if rate breaks $1.1855. Flash PMI releases in France, Germany and EZ in focus
this morning. Near term support seen at $1.1775 ahead of $1.1740. Resistance
$1.1785/95, break of $1.1800 to expose $1.1850. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.