The euro opened the US session at 1.3018 after trading in a 1.2991 to 1.3047 range. The euro firmed ahead of the US stock open, driven by real money demand for euro crosses. The pair took out o/n highs and tripped off stops over 1.3070 to test 1.3074, but then stalled. The euro drifted lower into the UK and EZ close and then losses escalated a bit as US stocks turned negative as well as on a report stating that Commerzbank may been seeking a capital increase. Euro bottomed around 1.3010-15 and then edged higher as US stocks recovered somewhat. The euro held at 1.3027 at 5:20 pm ET.
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