EURO SUMMARY: The euro opened at $1.1289 after Friday's $1.1278 to $1.1349...
EURO SUMMARY: The euro opened at $1.1289 after Friday's $1.1278 to $1.1349 range, and rose quickly in early dealings to $1.1328, the rise attributed to cross flows and predominantly against the Swiss franc after a report said the SNB was operating "a kind of minimum exchange rate against the euro", Schweiz am Sonntag newspaper said. The euro gains tapered off after that but euro-dollar held on near the highs. Minor pullbacks were seen as the US dollar also recovered part of the initial losses against the yen but these were limited to around $1.1300. Euro-dollar spent the rest of the morning in a narrow range and last traded at $1.1312. Resistance is seen at $1.1341 marking the 50% fibo retracement of the pair's $1.1423 to $1.1260 fall. In a note to clients, ANZ's economists say, "The Greek situation continues to simmer away, but the reality is that the anti-austerity movement has very little power and must ultimately do Europe's bidding. The Greek economy has already contracted 25% since the star of the crisis and with a 25% unemployment rate and high public indebtedness considerable pain lies ahead.
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