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Eur/Usd: Asia open $1.1619, range......>

EURO SUMMARY
MNI (London)
EURO SUMMARY: Eur/Usd: Asia open $1.1619, range $1.1613-72. Europe open $1.1656,
range $1.1626-63. 
* Press reports late NY that US Trump favored Jerome Powell for next Fed Chair
weighed on the Usd in Asia.
* Also angst over Republican Tax Bill, some conjecture corporate tax cuts may
only be temporary and phased out after a decade. 
* Eur/Usd recovered off an early low of $1.1613 to $1.1672 before momentum faded
and rate eased off to $1.1650.
* Recovery efforts were capped just above $1.1660 before early Europe added
weight and took rate back below $1.1650.
* Usd demand remained through the European morning as rate extended the pullback
to $1.1626.
* Rate was seen paring back some of the losses late morning, edged back toward
the $1.1650 level. 
* Fed Powell speaks at 1230GMT. Trump to announce Fed Chair, House Republicans
to announce tax plan. 
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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