The euro commenced U.S trading at 1.3570 near the top of its 1.3518-1.3582 Asian and European range. Stops above 1.3540 and good eur/yen buying had pushed the market to 1.3560 from where it struggled to 1.3582 followed by a quick reversal.
The moning half of New York was desultory, with a twenty-five point range and the only real action a bounce from the 1.3550 level mid-morning where the decline from the European highs met orders at 1.3550 backed by the five day moving average at 1.3548.
The euro rise was stopped cold by comments from the ECB's Ewald Nowtony, head of the National Bank of Austria who said that euro appreciation was having a negative effect on the economy and was keeping inflation below its long term goal.
The falling euro rate initially held at 1.3560, but with U.S stocks improving and Treasury yields moving up the euro broke down just after the London close and in a quick 30 minute move starting at 1.3560 reached the N.Y. low at 1.3524 before slowly recovering back toward 1.3550 and the middle of the range.