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An uptick in the TRY (after the CBRT....>

EURO-DOLLAR
EURO-DOLLAR: An uptick in the TRY (after the CBRT said that it will take
necessary actions and that its monetary stance is to be adjusted at its
September meeting) supported the EUR in early EU hours on Monday, before the
softer German & French M'fing PMIs limited the single currency (despite an
inline EZ print).
- EUR/USD's reported resistance at $1.1630 provided a decent counter to a modest
uptick in the pair later in the day.
- Bears continue to have the upper hand following last week's failure to hold
above $1.1700. Focus for the bears is now on the $1.1500 area. Bulls need a
close above $1.1700 to reignite momentum.
- There is a limited EZ docket apparent on Tuesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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