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Corrective easing, away from Monday's...>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Corrective easing, away from Monday's high of $1.1068, extended to
$1.1030 in pre London fix trade Tuesday. Rate recovered off the low, pushing up
to $1.1056 in Asia as risk outlook improved, helped in part by China publishing
a list of tariff exemptions on US imports. Despite the moves trade remains
within recognizable ranges with main focus set on Thursday's ECB monetary policy
announcement for the next directional drive. Market expectations include a
further rate cut, possibly accompanied by tiering and new QE.
- Support seen at $1.1030/20. Resistance $1.1060-68, $1.1085. Asian traders have
mentioned resistance from $1.1090 through to $1.1120, adding that a break above
could accelerate demand.
- EZ data calendar light. Attention on US PPI at 1230GMT.   
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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