EUR/USD sits at 1.4790 presently, marginally firmer from Monday’s North American close around 1.4770.
We’re stuck range trading at the present time, with 1.4680-1.4850 pretty well-defined parameters. Asian sovereigns, including China, were seen buying down at 1.4685/90 Monday, while China was reported to have sold around yesterday’s 1.4845 session high.
No Euro zone data of note to be released today, so no impetus from that direction.
We’ve had a run of good economic data around the globe recently, suggesting the world economy is slowly lifting itself toward recovery. Yesterday afternoon it was the turn of the US to produce upside surprises, with US ISM manufacturing index, pending home sales and construction spending all beating expectations. For a cherry on top, JP Morgan’s composite global PMI rose to 54.4 from 53.0, the highest read in 39 months.
Would think the above should give EUR/USD some semi-decent underpinning, barring any shocks.
Should think buy stops gathered not far North of 1.4850.
