Market Moving News: EUR/USD - Sep 6

06 September 2010 @ 12:35 am EDT

EUR/USD - 1.2825.. Although euro ratcheted higher in Asian morning partly after the release of 2 China PMI for service sector, one fm official CFLP at 01:00GMT n the other at 02:30GMT by HSBC where the latter index showed a rise to a 4-mth high at 57.6 in Aug fm previous reading of 56.3. Light selling interest at 1.2836 checked intra-day gain. Despite y'day's brief blip following ECB's press conference, option barrier at 1.2850 capped euro's gain at 1.2848 n quickly pushed price lower to 1.2796 in NY. Expect nr term sideways swings below Wed's 1.2856 top to continue until U.S. jobs report but may see more volatility after release of a slew of eco. data in Europe, German service PMI n EU service PMI, then followed by EU retail sales. Offers are reported fm 1.2840-50 with large stops touted abv 1.2870/75 n bids are tipped fm 1.2800-1.2790, more below with stops building below 1.2770.

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