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After posting a high Friday of..........>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: After posting a high Friday of $1.1384 (in pre NFP trade) EUR/USD
had consolidated within a basic range of $1.1280/1.1320 through to the European
open Tuesday. Position adjustments ahead of Wednesday's FOMC monetary Policy
announcement, as well as some of the shine coming off US equities, acted to
press rate to $1.1241 before it nudged back to $1.1263 into NY. The USD came
under fresh downside pressure in NY, allowing EUR/USD to extend its recovery to
$1.1364, holding shy of last Friday's top. Rate drifted off through the Europe
close, currently trading around $1.1337 into the NY afternoon. Expect further
positioning adjustments through Wednesday ahead of the FOMC announcement
1900BST, a clearer picture to emerge Thursday.
- Support $1.1320, $1.1280, $1.1241. Resistance $1.1364, $1.1384, $1.1412.  
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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