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|10-21 12:21 Cristi: Forex Market Update: Euro-Dollar (EURUSD) Gives Back Ahead of Lehman's CDS Settlement
EUR-USD risk is on the downside after the pair failed to sustain a decent recovery in the Asian session. Movement in to the 1.3330-50 area ran in to direct EUR-USD interest, while EUR-JPY also came under pressure as the market reacted negatively to the weaker DJIA futures. There is speculation that some counterparties may be trying to raise capital for today's CDS Lehman settlement, which is boosting dollar interest in early European trade. A leading U.S. money center name also put out a bearish research note in Thursday's N.Y. session, which encouraged speculative selling and saw an early move through stops below 1.3290 and 1.3280. A break of 1.3250 could leave EUR-USD vulnerable to a move on 1.3200.