EUR/USD - 1.2547.. Euro bashing continues to pressure the single ccy this week as the pair was sold on every intra-day rebound. Although euro fell to 1.2517 in NY y'day n then 1.2516 in Aust., sold bids at 1.2500-20 area absorbed the heavy selling (possibly due to rumour of the DNT option at 1.2500-1.3100 mentioned in y'day's update). Downside looks safe for now as reports of sovereign bids (Asian names) are strg (rumour of big stops below 1.2500) but heavy offers by U.S. names n European banks at 1.2590-1.2610 area shud cap upside. More choppy sideways trading with heavy volumes is expected.
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