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ECB provided the expected signal for....>

MNI (London)
EURO-DOLLAR: ECB provided the expected signal for easing at the September
meeting but disappointed those that had speculated that they may have announced
moves at yesterday's meet. Rate initially jumped to $1.1161 before it dropped
down to $1.1102 where it ran into decent demand placed ahead of $1.1100. Traders
mentioned good sized bids on the machine at the $1.1100 level. Strong buys
prompted spec shorts to cover back and drove rate up to $1.1188 before momentum
faded. Rate eased to $1.1127 before it settled between $1.1140-50 through to the
close. This late consolidation continued into Asia, with trade contained within
$1.1142-51 into Europe. Minor support seen into $1.1120 ahead of stronger
interest into $1.1100. Resistance $1.1188.
- France PPI at 0645GMT, Italy Confidence data and ECB Survey of Professional
Forecasters Q3 at 0800GMT provide the domestic interest. 
- US Q2 GDP provides the main interest on the day at 1230GMT.  
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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