EUR/USD was pressed to an extended......>

EURO-DOLLAR: EUR/USD was pressed to an extended low of $1.1676 into release of

FOMC Minutes. However, Fed provided no surprises, June rate hike remains live

but those looking for 4 hikes this year were left disappointed and the USD

reversed. Rate rallied to $1.1710, settled around $1.1696 into the close. Rate

recovered in early Asia, aided by UST 10-yr yield edging back toward 3.0%, but

failure to move back above, along with reaction to the US initiating a section

232 investigation into import of autos/auto parts and NK comment suggesting

Trump/Kim talks could be under threat, saw JPY boosted by further risk aversion

trade. Strong sales of EUR/JPY pressed EUR/USD down to $1.1691 before support

was met. Rate recovered back above $1.1700 through the balance of the session,

topped out at $1.1714 ahead of the European open. Reported resistance into

$1.1720 said to have helped thwart the upside correction with early Europe sales

able to ease rate back around $1.1700. Eurogroup meeting today, Draghi and

Coeure expected to be in attendance. Market expected to be on guard for any

comment on Italy. Support $1.1691-76 ahead of $1.1665/55. Resistance $1.1720,

$1.1750/60.