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EUR/USD last trades almost unch. at.....>

EURO-DOLLAR
EURO-DOLLAR: EUR/USD last trades almost unch. at $1.1277 after climbing 11 pips
yesterday. Bulls look to the 21-DMA at $1.1281, which has capped gains thus far.
Bears eye the broken down trendline from Mar 4 2009 at $1.1257.
- After trading flat through yesterday's lacklustre Asia-Pac session, the pair
ticked higher in the European morning, supported by better than forecasted
industrial output figures from France and Italy.
- The ECB MonPol decision with the accompanying presser from the Bank's chief
Draghi provided the highlight of yesterday. The ECB left its policy settings
unchanged, but the subsequent press conference brought what markets read as
dovish signals. EUR/USD dived ~50 pips as a result, before paring losses towards
the end of the day, on the back of the broader USD pre-FOMC minutes fragility.
- As a reminder, ECB Pres Draghi said that the Bank is "ready to use all
instruments" should the economy deteriorate. Draghi also added that the
possibility of tiering the deposit rate to offset the effects of negative rates
is yet to be discussed.
- French & German CPI take focus today, datawise.

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