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EUR/USD was underpinned by..............>

EURO-DOLLAR: EUR/USD was underpinned by Wednesday's BBG ECB sources piece
throughout Thursday's session, reaching a high of $1.1720 (the Jun 26 high and
the 61.8% retracement of the move from $1.1851 to $1.1509), last ~$1.1695.
- Thursday saw ECB's Praet state that "progress towards a sustained adjustment
in inflation has been substantial so far. The underlying strength of the euro
area economy, together with well-anchored, longer-term inflation expectations,
provides grounds to be confident that the sustained convergence of inflation
will continue in the period ahead, even after a gradual winding-down of net
asset purchases."
- Elsewhere ECB's Mersch reiterated that the "global environment is marked by
heightened uncertainty", while ECB's Nowotny noted that "euro-area growth is
expected to remain strong in 2018." - $1.1720 continues to provide the initial
point of resistance while $1.1660 gives hourly support.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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