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EURO-DOLLAR: EUR/USD was pressured by the underlying USD bid & Italian fiscal
worries on Thursday, with the draft Italian budget presenting a 2.4% deficit/GDP
ratio, calling into question economy minister Tria's credibility as structural
deficit pressure continues to plague Italy.
- Elsewhere on Thursday, ECB's Praet noted that the recent flow of data
continues to support the ECB's confidence re: sustained convergence of inflation
to goal. This came after preliminary German CPI topped expectations, with HICP
accelerating to 2.2% Y/Y.
- EUR/USD last deals at ~$1.1640, unch. on the session, sticking to a tight
range. The pair's close below its 100-DMA has put bears back in control, as they
now look to the September 10 low ($1.1526).
- Focus Friday turns to EZ CPI data, German labour market data, in addition to
addresses from ECB's Praet & Lane.