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EURO-DOLLAR: EUR/USD was a touch firmer Tuesday despite the ECB's Chief
Economist Praet highlighting that President Draghi's Monday address contained
"nothing new." EUR/USD last deals at ~$1.1760.
- The Italian saga continues to play out, with the latest RTRS report noting
that "5-Star leader Luigi Di Maio told ministers on Tuesday that the '19 budget
targets must account for their key demands, including a minimum income for the
poor & unemployed, or it would not win the support of his group in parliament."
- Elsewhere German Chancellor Merkel's caucus chief was ousted by her party, and
replaced with a fiscal conservative.
- From a technical perspective the pair failed to break back above $1.1800 on
Tuesday, despite this, the bullish trend remains intact. Near-term resistance
comes in at the June 14 high ($1.1851). A close below neckline support ($1.1724)
would open the 100-DMA ($1.1659).
- Immediate focus falls on the FOMC MonPol decision, while the EZ docket picks
up on Thursday with ECB's Draghi & Praet set to deliver separate addresses. EZ
CPI data will hit on Friday, with Praet set to make an additional address.