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Eur/Usd: Asia open $1.1972, range......>

EURO SUMMARY
MNI (London)
EURO SUMMARY: Eur/Usd: Asia open $1.1972, range $1.1963-84. Europe open $1.1974,
range $1.1939-75.
* Rate touched an early low of $1.1963 in Asia before Eur/Jpy demand provided an
added lift to $1.1984 ahead of Europe. 
* Rate pared part of these gains into Europe, touched $1.1967 then marked a
European high of $1.1975 then turned lower.
* Usd/Jpy break of Y110.00-05 led Usd demand which pressed Eur/Usd down to
$1.1942.
* Rate bounced to $1.1968 in reaction to stronger than forecast Germany Saxony
and Spain CPI. 
* Recovery didn't last long and sellers were quick to press rate down to
$1.1939. 
* A shallower recovery to $1.1961 before rate eased to settle just above earlier
lows late morning. 
* Stronger than forecast pan German CPI now expected(1200GMT), which if correct
turns focus on EZ Flash CPI Thursday.  
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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