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EURO-DOLLAR: EUR/USD last trades flattish at $1.1093 after briefly showing above
the $1.1100 mark earlier in the session.
- Friday saw the pair slide from the off in Europe, halting only at $1.1066.
However, it picked up a bid pre-WMR fix on a Spiegel report suggesting that
Germany could raise debt if the domestic economy deteriorates sufficiently.
Resulting rally allowed EUR/USD to recover its earlier losses, but after easing
off a touch subsequently the pair finished 17 pips worse off.
- Der Spiegel's report was concretised by a snr official over the weekend.
German FinMin Scholtz told reporters on Sunday that Germany could boost fiscal
spending by an additional E50bn in the event of an economic crisis.
- A break under Friday's low/lower Boll band (2%) at $1.1066/62 opens the Aug 1
cycle low of $1.1027. A clean breach of $1.1100 exposes the 100-HMA at $1.1137.
- Looking ahead, today's release of EZ CPI will be followed by flash EZ, German
& French PMIs, as well as minutes from the latest ECB meeting, all due Thursday.
Also of note: the resumption of Italian political saga, UK PM Johnson's meetings
with German Cll'r Merkel & French Pres Macron, as well as weekend's G7 summit.