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MNI (London)
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
- Option expiries of note, $1.1335-40(E1.44bn), $1.1425-35(E1.07bn),
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |