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(M2) Primary Trend Remains Down


(M2) Resistance Remains Intact


USD Weaker; NZD Outperforms


Building On Last Week's Gains

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MNI (London)
EURO SUMMARY: Eur/Usd: Asia open $1.1711, range $1.1686-1.1716. Europe open
$1.1700, range $1.1686-1.1707. 
* Usd strength led Eur/Usd to a corrective low of $1.1699 in NY Thursday, closed
at $1.1706.
* Early Asia saw rate consolidate between $1.1699-1.1716 before Usd demand
emerged again, broke below recent base of $1.1696. 
* Rate dropped to $1/.1686 before it met decent demand, allowed rate to recover
back to $1.1700 into Europe. 
* Early Europe sales eased rate to $1.1693, recovered to $1.1699 into German
Factory Orders data. 
* Strong numbers only able to lift rate to $1.1707 providing better short entry
* Rate eased back to retest the $1.1686 level, again met strong support then
settled between $1.1695/1.1700. 
* Focus on key US Employment Report(1230GMT), median 80k, AHE 0.3%mm.
* Forecasts marked lower due to hurricane effect. MNI Reality Check seen upbeat.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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