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

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.