EURUSD Fails to Break 1.47 Ahead of German IFO

EUR-USD probed 1.4700-10 amid corporate/fund demand before edging lower. The interest was executed by a German name, while Singapore names and an Asian sovereign were also tipped towards the highs. The dollar got a small lift in Asia on news of the Fed raising its global swap line agreements, but gains were sold in to with amounts relatively small. Also undermining the dollar is the U.S. policy paralysis that continues to dog the $700B bailout effort. Euro-Zone fundamentals are likely to remain in focus, with the German September IFO expected to fall to 94.4 from 94.8 in August. Price action is expected to remain choppy. Buyers are noted in to the 1.4560-70 area ahead of stops below stops 1.4640. Elsewhere, the euro crosses may impact, with the EDF British Energy deal expected to encourage EURGBP selling. Meanwhile, EURJPY is supported around 156.00.