Morning All.
IFR market (reuters) update
EUR/USD opened in Asia at 1.2860 after post-Cyprus consolidation of losses yesterday. Bid early on the EUR/JPY move up, EUR/USD rose to 1.2867 before running into fresh macro-fund sales, causing it to fall back to 1.2853. USD/JPY strength gave USD a broadly bid tone. Sentiment towards EUR remains bearish given confusing signals from the EZ on future bailouts. Political uncertainty in Italy also weighs. Talk of large corporate and sovereign bids ahead of 1.2800 from around 1.2820 remains supportive but stops look to be building sub-1.2800 with a break targeting the trend low at 1.2661.
IFR market (reuters) update
EUR/USD opened in Asia at 1.2860 after post-Cyprus consolidation of losses yesterday. Bid early on the EUR/JPY move up, EUR/USD rose to 1.2867 before running into fresh macro-fund sales, causing it to fall back to 1.2853. USD/JPY strength gave USD a broadly bid tone. Sentiment towards EUR remains bearish given confusing signals from the EZ on future bailouts. Political uncertainty in Italy also weighs. Talk of large corporate and sovereign bids ahead of 1.2800 from around 1.2820 remains supportive but stops look to be building sub-1.2800 with a break targeting the trend low at 1.2661.