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EURO-DOLLAR: Continued pressure on the EUR, post ECB and into the NY close,
allowed EUR/USD to eventually break under $1.1200 to extend react low to
$1.1177. Move was seen as the final push to squeeze out weak longs, the rate
abolle to recover to $1.1195 into the close. Early upside pressure in Asia saw
rate struggle to clear back above $1.1200 with early Europe providing the demand
to edge it above its overnight high of $1.1201 to $1.1209. Recovery efforts
remain lack lustre with market likely to be adjusting positions ahead of this
afternoon's release of the key US Employment Report (market median NFP 180k, AHE
0.3%mm). Market whispers see NFP release coming in slightly below the median,
while historical data would suggest that market under estimates Feb data. Some
suggest that a sharp revision in Jan data could be of more interest. Germany
Factory Orders just released disappoint but little reaction.
- Support $1.1177/74(Mar7 low, channel base), $1.1150, $1.1120/00. Resistance
$1.1229(NY hourly high Mar7), $1.1250-65.
- Option expiries of note, $1.1150(E1.06bn), $1.1220-25(E1.64bn),