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EUR/USD dropped back from its early.....>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: EUR/USD dropped back from its early NY high of $1.1382, through its
earlier low of $1.1346 to $1.1341 before it performed a partial recovery to
$1.1347 ahead of the close. Consolidation in early Asia saw rate hold within a
tight range of $1.1340/50, before breaking to $1.1336 but no follow through
seen. Rate recovered back above $1.1340 through to the European open. Despite
this minor recover the USD retains an underlying buoyant tone with traders aware
that month-end models suggest strong USD demand to be seen across the board at
today's fixes. This, along with it being a SOMA day, which usually boosts the
USD, should keep the USD firm. However, some suggestion that there might be an
interested party willing to sell USD's which could provide a counter. 
- German Retail sales, French CPI ahead of EZ Employment and key flash CPI. US
ADP ahead of Friday's NFP to be watched. 
- Support $1.1336 ahead of $1.1300. Resistance $1.1350 ahead of $1.1380/85. 
- Option expiries of note, $1.1340-50(E1.47bln), $1.1450-55(E1.44bn),
$1.1470-80(E2.06bn)
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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