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Bounce back from the Y108.50/46 area....>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Bounce back from the Y108.50/46 area in Usd/Jpy prompted a paring
back of risk off positioning, the rate able to recover to the Y109.00 area
allowing Eur-Usd to extend its recovery off overnight lows of $1.2351 to $1.2392
in opening Europe trade. Technical resistance noted a little higher up at
$1.2410/16. Asian traders did mention that rate ran into decent demand in the
machines in the area between $1.2355/50 ahead of the bounce. Germany Factory
Orders data came in well above expected levels at 7.2%yy, vs median forecast for
3.1%yy (3.8%mm vs forecast 0.7%mm) and was also seen aiding the Eur recovery.
ECB Wiedmann speaks in Frankfurt at 0900GMT. 
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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