12:43 EDT - Positioning in the euro is likely to lead the euro to
grind higher against other major currencies when there are no major
headlines to dictate trading, says Omer Esiner of Commonwealth Foreign
Exchange. With traders holding record bets against the currency, they
are likely to pare some of those positions or take profits on days
where there isn't any major news to drive down the euro such as
Wednesday's trading, he says. That said, Esiner says that any rally in
the euro is a good time to sell because rallies are likely to be
short-lived with risks still heavily leaning to the downside. Esiner
says the euro could track down to $1.2286 quickly depending on the
results of the Greek elections and Italian bond auctions in the coming
days. On Wed, it's up about 0.75% at $1.2597, according to EBS via
CQG. (stephen.bernard@dowjones.com)
(END) Dow Jones Newswires
June 13, 2012 12:43 ET (16:43 GMT)
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