The pair opened in Asia near $1.3160 after trading a high of $1.3175 in the US last night but ran into early selling from $1.3170. The offers built further in the Asian session, and are believed to stretch to $1.3190, some of that reportedly for from real money accounts, with more selling then seen also above $1.3210, the latter apparently coming from European corporate names. Euro-dollar traded with a heavy tone through the entire morning, with an Asian reserve manager also then cited selling into the downmove, and the pair eventually touching a low of $1.3136 in the late morning. Euro-dollar was last at $1.3140, staging a mild recovery but seeing little momentum in either direction heading into the European open, as apprehension remains before Bernanke’s address tonight.
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