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Forex Trading: Euro

Posted by Joseph Trevisani on Apr 3, 2013 4:36:00 PM

The euro opened the US session at 1.2835, after trading in a 1.2790 to 1.2845 range in the prior Tokyo and London markets.

Disappointing US ADP payrolls, 158,000 versus the 200,000 forecast and ISM Non-Manufacturing Index data, 54.4 versus 55.5, weighed on the dollar and put a damper on recent expectations that the US economy would outperform Europe's by a wide margin sent the euro higher. But the move was brief and weak. The pair topped out around 1.2864 shortly after the ISM release.  Mild risk aversion, or at least aversion to any substantial position change ahead of the central bank rate and policy announcements tomorrow from the BOJ, ECB and BOE kept the euro to a tight 1.2835 to 1.2855 range the remainder of the afternoon.

The pair trades at 1.28450 at 4:47 pm ET


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Chart: BloombergScreenHunter 891 Apr. 03 16.51 resized 600


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