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EURO-DOLLAR: EUR/USD last $1.1338, a touch lower on the day, after the pair fell
21 pips Thursday, extending this week's uninterrupted losing streak, as multiple
sources of worries re: EZ growth weighed on EUR. Several EZ data releases
disappointed, with German industrial output contracting by 0.4% M/M in December
against exp. of a 0.8% expansion. The EU Commission trimmed its EZ 2019 growth
forecast to 1.3% from 1.9%, while also slashing the forecasts for major EZ
economies. Elsewhere, ECB's Coeure said in an interview that the EZ slowdown
"may be broader and longer lasting than originally forecast."
- Bears look for a break below $1.1325, which limited losses yesterday, a break
would bring the YTD low of $1.1290 into view. Conversely, bulls need to clear
yesterday's high of $1.1368 before targeting the 55-DMA at $1.1393.
- EZ focus today turns to French & Italian industrial output figures.