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Month-end Dollar buying fades as EUR/USD edges higher
On Monday the EUR/USD fell to a low at 1.0803 right on the 4pm London fix. That fall looked linked to modest spot month-end demand for the US dollar. The rebound from that low extended to a high at 1.0836 late yesterday morning, only to give way to another bout of US dollar demand, once again into the 4pm London fix. The EUR/USD dipped to a low at 1.0798 right on that fix. It rebounded modestly from there into the US close, ending that session at 1.0815. The price action so far today has been covered by 1.0812 to 1.0830. So, will we see more month-end US dollar demand for the final trading day of the month today? Well, that is possible, but we have important US data due out today (ADP at 12.15pm GMT) and then the Fed this evening too. Quite simply, if the Fed surprises and cuts rates the Euro will surely rise, but it is probably more the reaction in the EUR/USD, if the Fed does nothing which might matter more. The EUR/USD is currently trading at 1.0821
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