EUR Trading Outlook (25-06-2014)

EUR/USD opened NYC 1.3620/25, approx 20 pips up vs last night’s close, O/N range 1.3593/1.3628. Soft German IFO, differences between the UK & EU ahead of the weekend European summit and rising support for an easing in the EZ’s austerity approach weighed on EUR/USD in the NYC session. Algos and ACB offers c 1.3625 capped the topside and left the market seeking flow direction that was not forthcoming. NY traders pressed the downside as London longs scrambled out at their close. Italy’s Renzi wants to adjust the austerity focus and France’s Hollande also seeks a growth promotion focus. EUR/USD NY range 1.3583/27, closed the session -20 pips circa 1.3600.