Free Trial

EUR/USD last seen at $1.1194, unch......>

EURO-DOLLAR
EURO-DOLLAR: EUR/USD last seen at $1.1194, unch. on the day. This occurs after
the rate fell 9 pips Monday, as broader dollar demand ignited some downside
momentum in the European morning, erasing its modest earlier gains. EUR/USD then
posted a ~10 pip leg lower after BBG cited an EU off'l claiming that the EU
Commission may propose a disciplinary procedure vs. Italy for failing to trim
gov't spending. The procedure could lead to imposing a $4bn fine on Rome.
- Elsewhere, fallout from the European elections remained in focus. EU leaders
gather in Brussels later today to discuss filling the top EU posts.
- Bulls look to $1.1216, which represents the 23.6% fibo retracement of the YtD
range and capped gains on Monday. A break of the level would bring the May 1
monthly high of $1.1266 into view. Blow the 21-DMA at $1.1191 would expose the
$1.1100 mark.
- Data-wise, CPI (p) & GDP (f) from France, German unemployment change & ECB
Financial Stability Review are due Wednesday. ECB's Villeroy speaks later today,
Mersch & Rehn appear on Wednesday, with remarks from Visco due on Friday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.