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EURO-DOLLAR: Comments from Fed Officials and FOMC Minutes suggest that the
brakes are being applied to the Fed's hiking cycle, which in turn added further
pressure on a retreating USD. The earlier comments provided the impetus to take
rate through resistance between $1.1480/1.1500 to $1.1541, with FOMC Minutes
edging it on to $1.1557. Early USD/JPY demand in Tokyo provided some counter but
as Japanese institutional sellers emerged post Tokyo fix it acted to lift
EUR/USD to an extended high of $1.1570, with corrective pullbacks so far holding
above $1.1550. Next resistance noted at $1.1587 (61.8% $1.1815-1.1217) with
suggested option related sales expected to emerge ahead of $1.1600, this latter
level holding the strike of an expiring option for today's NY cut(E1.21bn).
Above $1.1600 and $1.1613(1.618% swing $1.1497-1.1309) then the 200-dma at
$1.1629 move into view. Support $1.1550 ahead of $1.1510/00.
- ECB Dec12-13 Minutes at 1230GMT provides some early focus though Fed speakers
take the main attention. Fed Barkin 1335GMT, Fed Chair Powell 1700GMT, Bullard
1740GMT, Evans 1800GMT ahead of Vice Chair Clarida at 2230GMT.