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Eur/Usd: Asia open $1.1849, range......>

EURO SUMMARY
MNI (London)
EURO SUMMARY: Eur/Usd: Asia open $1.1849, range $1.1747-70. Europe open $1.1762,
range $1.1743-66.
* Rate extended its recovery off Mon NY low of $1.1725 to $1.1770 in Asia.
* Move seen as reaction to corrective pullback in Usd/Jpy to retest Y113.25, off
its Japan election react high of Y114.10. 
* As Usd/Jpy recovered so Eur/Usd pared gains to $1.1761 into Europe. Move
extended to $1.1753 then recovered to $1.1764. 
* Strong Usd demand emerged, sovereign name mentioned as rate was pressed down
to $1.1743.
* Release of mixed Eurozone flash PMI data, manufacturing though showed gains,
saw rate recover to $1.1767 late morning. 
* Resistance at the Asia high of $1.1770. Further sell interest scattered toward
$1.1800.
* Asian traders suggested rate could be attracted toward $1.1800 level as it
holds strike of a maturing option, E1.55bn.
* Support remains at the daily cloud base at $1.1732, Oct23 low $1.1725.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MarketsForeign Exchange Bullets

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