EUR/USD currently trades flattish at....>

EURO-DOLLAR: EUR/USD currently trades flattish at $1.1184 after staging an

impressive recovery in the wake of initial decline yesterday. Above $1.1188,

which represents the 21-DMA and May 21 & 23 highs, opens $1.1200, which has

remained intact this week. Bears target the May 20/22 low of $1.1151/49.

- Yesterday saw the rate ease off initially, as softer than exp. data from the

EZ was flowing in, with German m'fing PMI, its EZ counterpart, as well as German

Ifo survey, providing disappointment. The rate then accelerated its drop ahead

of the Wall St. opening bell on the back of risk selling, which sent EUR/USD to

$1.1107, the lowest low since May 2017.

- Subsequent release of worse than exp. U.S. PMIs & falling U.S. Tsy yields

applied fresh weight to USD, allowing EUR/USD to claw back its earlier losses

and finish 31 pips higher.

- EU elections kicked off yesterday and will conclude on May 26, when most

member states head to the polls. These will likely overshadow Sunday's regional

elections in Bremen, which may provide some hints re: German national political

scene. Elsewhere, Ewald Nowotny is the lone ECB speaker today.