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Modi, AMLO Top Major Economy Leader Poll, Macron Last


Under Pressure


Trend Condition Remains Bearish

EURO-DOLLAR: EUR/USD retested its earlier low of $1.1351 in opening NY trade
Wednesday only for the USD to come under general pressured thereafter which saw
rate rally to a high of $1.1394. Traders noted that the move picked up stronger
demand into the 1600GMT fix. Loss of momentum saw rate ease to $1.1380 ahead of
the close. Early Asia saw rate recover to $1.1391, the move influenced by the
strong positive reaction in AUD to Australian Jobs data, but was said to have
found some sell interest placed around the 50-dma($1.1390), as well as aversion
to take rate above $1.1400 ahead of today's ECB meeting. Talk in Asia suggested
rate likely to face headwinds through to $1.1410, needing a break of $1.1425 to
boost upside momentum. Rate settled back between $1.1380/90 through the balance
of the session before it came under fresh sell pressure into Europe which saw it
probe below $1.1380 (low $1.1378 38.2% $1.1351-94). A break below to expose
hourly support between $1.1370/60.
- EZ flash PMI's this morning provide a curtain raiser (France 0815GMT, Germany
0830GMT, EZ 0900GMT) ahead of today's ECB meeting (rate decision 1245GMT/ECB
Draghi press conference 1330GMT)