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Some Early Asia Demand

EUR

EUR is in demand in early Asia-Pac trade, with regional participants seemingly keen to buy the EUR after Thursday’s hawkish ECB developments (even though President Lagarde seemingly attempted to deploy a bit of a balancing act at times).

  • The cross last deals ~25 pips higher, printing ~$1.1010, well shy of Thursday’s session peak.
  • The hold of technical resistance and Lagarde’s attempts to assure markets that any rate hikes will be gradual saw the pair back from best levels on Thursday., with session lows of $1.0976 registered late in the day.
  • The Jan 28 low/March 10 high ($1.1121) provides the initial point of technical resistance for the cross, after the level held to the pip on Thursday. Meanwhile, support comes in at the Mar 9 low ($1.0890).
  • Post-meeting comments from ECB’s Rehn & Centeno provide the highlights on the Eurozone docket on Friday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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