EUR/USD - 1.1605.. Euro moved narrowly but with a soft bias in relatively subdued Asian morning after Wednesday's volatile trading in New York session. Despite intra-day fall from 1.1598 (Europe) to 1.1563 following upbeat U.S. data esp. record rise in ISD non-mfg index, price jumped in post-FOMC when Fed released its statement n restated its belief that current high inflation is "expected to be transitory", this triggered broad-based selling in the greenback as market was long USD ahead of FOMC.
Although Wednesday's rebound from 1.1563 to 1.1616 suggests further choppy swings above last Fri's 2-week trough at 1.1535 would continue until release of Friday's U.S. NFP, further strong rise above 1.1616 is unlikely to be seen as current rising U.S. yields should lend support to usd.
Bids are noted at 1.1590-80 with stops below 1.1560 while offers are tipped at 1.1515/25 with stops touted above there.
Today is PMI day in the euro area countries, please refer to our EI page for details and pay attention to German and the EU's Markit services PMIs.
We also have a number of ECB officials scheduled to speak n ECB President Lagarde will speak at a conference at 12:45GMT.
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