Dollar Pares Early Gains

The US dollar has seen its initial gains scored in Asia pared, but the risk is that North American players resume the buying of the greenback. The euro initially fell to about $1.1876 in early Asia before recovering. The $1.2000-$1.2050 area may be sufficient to cap the single currency. There is some chatter that of some official interest that might have helped stabilize it, but it is difficult to verify. Other major currencies have also seen initial losses pared. In the yen’s case, the opposite: early gains have been pared. The dollar largely held JPY91 support. The euro fell to almost JPY108 before find a big, but now approaching JPY110, may also seen fresh North American sales.