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Corrective pullback, away from..........>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Corrective pullback, away from Friday's high of $1.1109, extended
through Monday trade to a low of $1.0994. Rate had a partial recovery to $1.1011
before closing the day around $1.1000. Weekend attack on Saudi oil facilities
favoured oil producing currencies alongside the USD (seen self sufficient in
oil). Recovery through Asia allowed rate to nudge up to $1.1014, though traders
have suggested this move was influenced by EUR/GBP, reflecting the poor outcome
of PM Johnson's trip to Luxembourg. Rate has met some fresh supply into Europe,
which has eased it back to $1.1004. Focus on Germany ZEW at 0900GMT(seen as a
pointer for PMI's and Ifo) with attention also on ECB speakers, Coeure and Lane
speak in Luxembourg. More interest in Villeroy, speaks in London(LSE) at
1630GMT, viewed neutral and first speech post ECB announcements.
- Support remains around $1.1000, a break of $1.0990 could prompt stronger
sales. Resistance $1.1048(21-dma) 
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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