-Minutes before the- NY open EUR/USD dropped from1.2286 to 1.2231, early NY trade tested 1.2217 lows, US equity futures were trading -0.40/-0.20% after US housing data which was a good news/bad news affair. All eyes were on Bernanke's second day of testimony, he simply repeated things he's said before but that was good enough for US equity traders who are relying on the Bernanke "put". US equities climbed through the session peaked around lunchtime and drifted off (S&P -0.25% from highs) head to the close +0.6/1.25%) S&P +0.58%. Algo buying drove EUR/USD up to 1.2287 PM highs, retraced the early losses, talk of ACB offers from 1.2260 and up capping rally. UK traders noted good demand in the 1.2220-40 region and our London option desk reports key support linked to defence of very large digital circa 1.2150. Light EZ data on tomorrow's agenda; EZ C/A & net investment flows; Italian industrial orders & sales, Belgium consumer confidence; US data comprises weekly claims, existing home sales, leading indicators & Philly Fed. Traders seem resigned to 1.2175/1.2325 with reserve mangers & sov wealth funds corralling price action.
EUR/USD Jun 20 at 02:46 GMT
1.3273/77 (-0.15%)
H1.3303 L 1.3263
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Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
