Slow initial reaction from Eur/Usd to.........>

FOREX: Slow initial reaction from Eur/Usd to release of stronger than forecast

headline German Factory Orders data. Rate managed to stretch up to $1.1840 from

its pre release level around $1.1834. Fresh sales emerged in Europe which

allowed Eur/Usd to step its way down to a temporary low of $1.1807. the pair

retained a heavy feel in much of NY as it edged downward eventually forming a

low of $1.1781. In Europe Usd/Jpy touched pullback lows of Y111.99, support from

the 50% Y110.84-113.09 cushioned with recovery efforts extended to the

Y112.15/20 area. Having touched post ADP release highs of Y112.21, the rate has

pared all gains to Y112.04 with added weight via soft UST yields. Usd/Jpy

regained some of the losses later in the NY session rising to Y112.38 before

fading. Following the release of soft Australian GDP data in Asia, Aud/Usd

consolidation largely remained the theme in Europe with trade tied to a narrow

10 pip range initially. As the dollar strengthened the pair took out the

reported local corporate demand through $0.7570 with slippage extending to

$0.7559 before consolidating again towards the end of the US session.