EUR/USD has added 6 pips thus far,......>

EURO-DOLLAR: EUR/USD has added 6 pips thus far, last deals at $1.1202. Bulls

target the 21-DMA, which comes in at $1.1232. Below the 100-HMA & Apr 2 low of

$1.1184 would allow bears to regain some momentum. 

- Yesterday's price action was driven by fluctuations in USD yesterday, as much

of mainland Europe observed May Day holidays. The pair climbed through the

London/NY hours, with a modest leg higher noted on the back of softer than exp.

ISM m'fing data from the U.S.

- The FOMC's decision to trim its IOER by 5bp to 2.35% sent EUR/USD to its best

levels in two weeks before subsequent presser with Fed Chair Powell triggered a

~70 pips slump into negative territory. Powell reiterated the central bank's

neutral stance, downplayed the factors holding down inflation as "transient" and

said that downside risks to the outlook have moderated.

- ECB's de Guindos said that the Bank is "open-minded" re: inflation target

adjustments, while bank profitability remains a concern.

- M'fing PMI readings from across the EZ take focus today, with ECB's Hansson,

Costa & Praet set to speak. EZ CPI & remarks from ECB's Enria are due Friday.