Intra-Day Market Moving News and Views
26 Sep 2014
EUR/USD - 1.2746...... Euro finally gains respite in Asia after suffering from recent losing streak. Despite yesterday's climatic sell off in European morning after penetrating key daily sup at 1.2745 (2013 bottom in Apr) to a near 22-month trough of 1.2696 (1.26955 on EBS), minor short-covering lifted the pair to 1.2736 and price came under renewed selling on Dallas Fed Richard Fisher comments on Reuters that the Fed may start raising rates around the spring of 2015, at the earlier end of market expectations, bids above 1.2700 contained pullback and euro later climbed to 1.3765 in NY as weaker-than-expected U.S. data prompted further short-covering in euro.
Although euro has edged lower in Asia from 1.2761 on intra-day renewed dlr's strength caused by strong bounce in dlr/yen, range trading is expected to continue n traders would look to cover their shorts ahead of the weekend. Initial bids are noted at 1.3730-25 and more at 1.3700 with stops reported below 1.2695, however, good buying interest is touted near 1.2690/80.
On the upside, offers are tipped at 1.2760/65 and more at 1.2775/80 with stops (fairly large) building abv 1.3800/10 area.
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