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FOREX: EUR/USD extends recovery to near mid-April high
- Although most of continental Europe is closed for May Day today, this hasn't
deterred the single currency from being bid up further across Asia-Pacific and
early European hours. EUR/USD has crested so far at $1.0979 and looks to secure
a close above the 50-dma today. Next key resistance rests at the mid-April high
of $1.0991.
- There's a furtive risk-off feel elsewhere, with US and UK stock futures all in
the red. The sell-off in CNH continued overnight on stories in US press
suggesting Trump's White House could take punitive action on China for failing
to contain the spread of Coronavirus, with tariffs, lawsuits and cancellation of
debt all supposedly under consideration. USD/CNH rose through 7.12 overnight,
narrowing the gap with the March highs of 7.1653.
- In response to lower equities, JPY and CHF trade well, with AUD and NZD among
the poorest performers so far.
- Friday's schedule is light, with just final Canadian and US manufacturing PMI
data and the Manufacturing ISM for April to look forward to.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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