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EUR/USD has added 8 pips and deals at...>

EURO-DOLLAR
EURO-DOLLAR: EUR/USD has added 8 pips and deals at $1.1168, after falling 34
pips yesterday. The rate declined in yesterday's Asia-Pac session, while a
recovery attempt in early European hours proved shallow and EUR/USD dipped into
the London fix.
- Bears look for a break below $1.1159, which limited losses yesterday and on
May 6, before challenging the May 23 YtD low of $1.1107. Bulls eye the 21-DMA at
$1.1188, ahead of the 23.6% fibo retracement of the YtD range.
- Formal negotiations re: appointments for the top EU jobs kicked off at
yesterday's European Council summit, with tensions between EU leaders apparent.
- BBG reported that German Cll'r Merkel is determined to keep her post until her
term ends in 2021, as she "has given up hope on heir heir apparent." Meanwhile,
Greeks will head to the polls for a snap national election next Friday.
- French CPI (p) & the ECB Financial Stability Review provide the highlights of
today in the EZ. Flash German & Italian CPIs, as well as final Italian GDP will
follow on Friday. ECB's Mersch, Rehn & de Cos speak later today, while Visco
appears on Friday.

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