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EUR Retains an Underlying Buoyant Tone

EURO-DOLLAR
MNI (London)

EUR recovered across the board Wednesday, EUR/USD posting a high of $1.1782 in early NY, off an earlier Asian low of $1.1725, though held shy of Tuesday's high of $1.1808. Rate then settled back within a basic $1.1760-75 range through to the close. Rate again enjoyed support at $1.1760 in Asia before it nudged higher to $1.1776 into Europe. Expect mild resistance to remain at $1.1782(Oct7 high), more at $1.1790(hourly high Oct6) ahead of $1.1808(Asian traders note expected resistance to emerge at and above $1.0800, part of which linked to option expiry interest between $1.1800-20 into the end of the week). Support $1.1760, $1.1725. Germany Trade data released at 0700BST, ECB Minutes at 1230BST. ECB speakers include Schnabel, Guindos, de Cos and Mersch. US Weekly Jobless Claims at 1330GMT. Fed Rosengren and Bostic due to speak.

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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