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EURO-DOLLAR: EUR/USD failed to break above $1.1800 as USD weakness kicked in on
the back of the statement released alongside the latest 25bp hike from the FOMC,
which dropped the word accommodative. Chair Powell was quick to play down the
removal of "accommodative" from the statement, saying this does not signal a
change in pol. Powell reiterated pol is still accommodative & noted that overall
fin'l conditions remain accommodative, which allowed the USD to recover further
after the initial pressure that it faced faded. EUR/USD last deals at ~$1.1755,
15 pips higher in early Asia-Pac dealing. Above $1.1724 keeps the recent uptrend
intact with bulls focusing on $1.1800, ahead of the June 14 high ($1.1851). A
close below neckline support ($1.1724) re-opens the 100-DMA ($1.1659).
- RTRS sources suggested that the ruling Italian coalition want a deficit/GDP
ratio of 2.4%, after economy minister Tria revealed that the budget will include
the heavily debated basic income on Wednesday. Bear in mind that the government
is scheduled to publish its draft budget later today.
- German regional & national CPI, addresses from ECB's Draghi, Praet & Lane and
the latest ECB economic bulletin headline the EZ docket Thursday.