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As the USD remained defensive...........>

EURO-DOLLAR: As the USD remained defensive overnight Eur/Usd continued its
recovery off Monday's pullback low ($1.2206) to $1.2392, before fading. The
release of German CPI/GDP came in-line with expectations, the Q4 reading was
reportedly driven by a strong increase in exports. Near-term resistance is seen
at $1.2401/09 (61.8% $1.2522-1.2206, Feb7 high), also a worthy note of very
large (E2.02bn) option-expiries today at $1.2400/05. Expect support from the
Asia low ($1.2348) with more lumpy expiries (E2.56bn) at $1.2350/55. Eur/Usd
last $1.2375.

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