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Free AccessEUR/USD extended its recovery through...>
EURO-DOLLAR: EUR/USD extended its recovery through Monday trade as it edged
further away from Friday's NFP react low of $1.1346 to an eventual late Monday
high of $1.1483 as market continued to pare USD longs following Fed Powell's
cautionary tone post data Friday. Early Asia extended move to $1.1485 before the
USD again found favour with traders seeing an improved risk outlook based on
US/China trade talks. USD recovery was seen led by onshore USD/JPY demand, as
USD/JPY was driven up to to Y109.00 before momentum faded. This move pressed
EUR/USD down to $1.1432, recovering to $1.1456 into Europe. Fresh selling
emerged in Europe which has pressed rate back to $1.1433 at writing. Release of
disappointing Germany IP (though market would have been forewarned by Monday's
Factory output data) taken relatively well as rate nudges back above $1.1440 on
suggested profit take buys.
- Support seen into $1.1410/00 ahead of $1.1389. Resistance $1.1456 ahead of
$1.1485-1.1500.
- Option expiries of note, $1.1335-40(E1.44bn), $1.1425-35(E1.07bn),
$1.1500(E1.15bn)
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.