After a brief dip through 1.4338 support late yesterday in New York, EUR/USD has settled into a range in the 1.4350s awaiting the US employment report. Obama’s relative ebullience in a speech on the economy overnight last night has dealers looking for a relative strong US employment report. The powers-that-be get a sneak-peak at the figures on Thursday night, so the thinking is that Obama is giving the market the wink for a good number.
A break back above the 1.4380/90 level will brighten the outlook near-term.