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EUR/USD last trades at ~$1.1500, calm...>

EURO-DOLLAR
EURO-DOLLAR: EUR/USD last trades at ~$1.1500, calm in the early phase of the
Asia-Pacific session after falling ~75 pips on Wednesday.
- Euro's slump occurred on the back of political uncertainty around the ongoing
Brexit summit & Italian budget. The summit failed to generate any progress in
negotiations. At the same time, the EU Budget Commissioner hinted that Italy's
fiscal plan might be rejected, with the Italian PM expressing reluctance to step
back.
- The impact of these developments was exacerbated by broader dollar strength.
- After EUR/USD has extended its decline through support from the Oct 12 low,
bears need a close below $1.1500 to target the Oct lows at $1.1432. Bulls keep
an eye on the key $1.1600 level before challenging the 100-DMA at $1.1627.
- Focus today includes ECB's Nowotny speaking at two events in Vienna & any
fallout from the Brexit & Italian budget developments.

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