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EUR/USD is hovering just above the......>

EURO-DOLLAR: EUR/USD is hovering just above the opening levels, last at $1.1223.
- The rate fell a dozen pips yesterday, reflecting a gradual increase in the
broader greenback strength.
- Worth noting five leading German economic institutes trimmed their 2019 growth
outlook for the country to +0.8% from +1.9%. This came after German factory
orders posted the largest drop in two years. Meanwhile, BBG sources said that
Italy will cut its own 2019 GDP forecast to +0.1% from 1.0%.
- Elsewhere, German Chancellor Merkel met with Irish PM Varadkar for talks re:
Brexit. Merkel pledged to do "everything, until the last hour to ensure that
there is no disorderly UK exit."
- On the technical front, bears look to $0.1206/01, which represents where the
rate bottomed yesterday and the day before. A break below would open up the Mar
7 YTD low of $1.1177. Conversely, bulls look to the 200-DMA at $1.1240, located
15 pips ahead of yesterday's high.
- EZ focus today turns to German industrial output and Spanish CPI.

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