EUR crosses/EUR/USD

EUR/USD: Expect to stay rangebound between 1.3150/1.3300

The EUR is well bid on the crosses with EUR/JPY making a 16-month high and EUR/GBP, EUR/AUD and EUR/NZD all making very solid gains. The EZ debt market has calmed considerably and asset managers are now looking at the very attractive yields available, rather than worrying about default, and this is also driving funds into the EUR.

EUR/USD should continue to consolidate between 1.3150/1.3300 and shorter-term moves will be at the mercy of EUR/JPY flows during Asian trade.

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