Intra-Day Market Moving New and Views
08 Jul 2014 01:59GMT
EUR/USD - .. Euro moves narrowly but with a firm bias in subdued Asian trading after Mon's rebound from European near 2-week low of 1.3676.
Short-term specs sold the single currency at European open on stop hunting and although price briefly penetrated Friday's 1.3586 low, good buying interest emerged at 1.3676 and euro staged a rebound to 1.3602, such move prompted broad-based short-covering in euro vs USD & GBP, the pair later rose marginally to session high of 1.3609 in NY afternoon, the 1.3610 at Asian open.
Although consolidation with mild upside bias is seen, reports of fairly good offers at 1.3615/25 should cap intra-day gain, so day traders can sell the euro on marginal rise for re-test of 1.3676 later in the day.
Initial bids are noted at 1.3600 and more at 1.3590-85 with stops below 1.3675, however, traders reported a layer of bids at 1.3665-50, so downside on the euro also looks pretty limited today.
Germany & France will release trade data at 06:00GMT & 06:45GMT but these are not expected to move the euro much.
White House said Obama, Hollande decide U.S., Europe should take further coordinated measures to impose costs on Russia if it does not take immediate steps towards de-escalation in Ukraine.
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