Most pairs are seeing quiet sessions ahead of Christmas

EUR/USD

Range: 1.3087 – 1.3147

Support: 1.3044

Resistance: 1.3204

Most pairs are seeing quiet sessions ahead of Christmas. Euro had a very similar day to yesterday, opening near the 1.3100 level and climbing its way to 1.3130 prior to the European open. Dips below 1.3100 are being well matched by good sovereign buyers towards the lows of the trading session. With an empty economic calendar and Christmas upon us, any significant moves in the market will be a surprise!

AUD/USD

Range: 1.0026 – 1.0038

Support: 0.9919

Resistance: 1.0083

Aussie remains firm into Christmas as traders look to head off early for the holidays. The Aussie-dollar opened at $1.0040 in Asia looking very well supported by bullion prices and demand from real money accounts yesterday which took the pair to a high of $1.0066 earlier in NY. Some selling from local corporate and funds pushed the pair to a low of $1.0018 before the pair returned to settle around $1.0030 following some euro-dollar/euro-yen Tokyo demand. The order book is looking pretty sparse with bids towards parity and offers above $1.0060 layered up to $1.0100, and technical resistance seen around $1.0085. Focus if anything will be on actions in the Korean Peninsula and any further downgrades in relation to the Eurozone.

GBP/USD

Range: 1.5374 – 1.5475

Support: 1.5330

Resistance: 1.5500

Cable closed in New York at $1.5425, off lows of $1.5374. Early trade, in a very quiet Asian session, was contained within a range on $1.5425/50 with late session sterling demand seeing cable break above the $1.5450 level to extend the highs to $1.5475. Euro-sterling, which had traded the early part of Asia between stg0.8490/0.8508, dropped back from the highs to stg0.8478 on that sterling demand. Most of Europe closed today for the Christmas holidays, with the UK markets expected to close early, with the US also observing Christmas Day today. Cable resistance seen at $1.5475/80, more toward $1.5500. Support $1.5425 (50% $1.5374/1.5475) ahead of $1.5410/00 and $1.5380/70.

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