The euro opened at 1.3535 (8:00 am), having vaulted resistance at 1.3520 just before the New York open executing stops that took the united currency to 1.3538 in under a minute, breaking Wednesday and Thursday’s highs of 1.3537 and 1.3532. The majority of the offers that were thought to be placed above 1.3535 were absent though there was a brief pause at 1.3540 before the market moved higher in choppy trading to 1.3565, the day's high, at 10:04 am.
The weaker than expected University of Michigan consumer sentiment numbers at 10:00 am seemed to spark some euro selling, though it is more likely that the reversal in the Dow about that time gave the dollar a boost. After that short-lived attempt at the top the euro consolidated around 1.3540 until after the London close and then gradually slipped back to 1.3520 where it closed. Afternoon volatility was essentially limited to a 10 point range.
Since the two figure move higher on the 18th after the FOMC meeting, the euro top has been 1.3569. This is the highest the united currency has been since one week (seven trading sessions) in February and before that since November 2011. It is likely the currency will have to build a base here before traders are comfortable taking it higher.