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EU Commission COVID-19 recovery plan....>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: EU Commission COVID-19 recovery plan began leaking into the market
ahead of presentation, was initially taken well by markets as size of the plan
came in larger at E750bln vs E500bln. A source story was taken to mean that the
plan had widespread approval among EU member states which spiked EUR/USD through
recent highs of $1.1008/18 to $1.1031 as stops were reported triggered, though
ran into well positioned take profit interest. Market reversed as
TonyConnellyRTE tweeted that the Dutch position was far apart from what was
being discussed, the corrective pullback given added weight as Spain also voiced
opposition, the rate touching a post 1600BST low of $1.0956 before edging back
to $1.0987. 
- Thursday brings German states' CPI ahead of pan German release at 1330BST. EZ
Economic Confidence released at 1000BST. 
- US GDP second read, Personal Income, Durable Goods, Weekly Claims at 1330BST.
Kansas City Mfg Index.
- Support $1.0956/51, $1.0934/32, $1.0910/00. Resistance into $1.1000, $1.1031,
$1.1060. 
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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