Closed in NY at $1.3962, off post Trichet highs of $1.3976
City Index March 4, 2011 7:32 PM
<p>EUR/USD Range: 1.3950 – 1.3970 Support: 1.3880 Resistance: 1.4000 Closed in NY at $1.3962, off post Trichet highs of $1.3976, after comments in his ECB […]</p>
Closed in NY at $1.3962, off post Trichet highs of $1.3976, after comments in his ECB presser boosted market expectations that the bank could hike in April. Early Asian demand was seen well supplied in the $1.3965/70 area, the rate topping out at $1.3970 before it settled back between $1.3950/60 post Tokyo fix. Rate currently trades around $1.3958 in early European dealing. Markets in Asia were generally subdued, slipping into the usual pre NFP lethargy. Market forecasts have been moved higher, some seeing 200k plus for the headline NFP at this afternoon’s release of the US employment report. A lot of ECB speakers on the calendar today as well and should be of interest. Euro-dollar resistance said to remain in place between $1.3970/80, tech traders noting trend resistance coming through this area, drawn off highs from Dec 2009 and Nov 2010, a break above to expose $1.4000, with offers seen layered ahead.
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