FX update: Euro range bound in quiet trade despite EZ PMI data
First Published Friday, 10 July 2009 from Need to Know News
EUR/USD remained range bound during the European morning, with prices holding within close proximity to the 1.4000 level.
The market generally ignored eurozone data releases, which included an upward revision to final services PMI to 44.7 in June and a fall in eurozone June retail sales by 0.4%.
Options interest influenced throughout and looks likely to dominate movement in the European afternoon, with the US closed for its Independence Day holiday. EUR 1 bln worth of strikes are rolling off at 1.4000, with a US name short of the strikes and noted as a persistent seller on upticks, while on the downside Asian accounts have been steady buyers in to the 1.3975-80 area.
Asian reserve managers were noted as modest buyers from the 1.3938 lows and most European accounts expect this interest to come in should the euro retest the lower end of its recent range, which was 1.3927 on Thursday.
Offers are noted from 1.4060-80 ahead of buy stops above 1.4100, but these look well protected given the lack of impetus in today's session so far.
- Deutsche Börse to expand product offering on XIM
Deutsche Börse has announced plans to expand the scope of tradable instruments on its European platform Xetra International (XIM) market from 86 securities at present to 1,000.
By summer 2010 the existing offering for France, the Netherlands, Belgium, Finland, Spain and Italy will be enlarged by 700 securities....continued - Singapore Exchange and STOXX to license EURO STOXX 50
Mr Chew Sutat, Executive Vice President and Head of Market Development, SGX: “The listing of this global contract alongside our suite of Asian products provides customers a one-stop access into Asian and European equity markets, and facilitates cross-product arbitrage on different markets." Singapore Exchange (SGX) and STOXX Ltd....continued
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