The euro initially extended its three-day advance into today's session, and poked briefly above $1.2390 to see its best level since last Wednesday, notes the research team at BBH.
“It was met with good offers, and returned to where NY left it yesterday (~$1.2350). Support is seen near $1.2340, and if risk appetites return following the US CPI, the euro can resurface above $1.2400. That said, there are more than 2 bln euros of options struck between $1.2340 and $1.2350 and another 1.5 bln euros struck at $1.2400, all of which expire today.”
“The euro is straddling resistance near GBP0.8900. On an intra-day basis, it reached nearly GBP0.8930, it is has struggled to close above it since late last November. Against the dollar, sterling is trading within yesterday's ranges, but is still within last Friday's range (~$1.3765-$1.3985).”
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