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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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EURO SUMMARY: Euro-dollar: Aug16 close $1.1766, Aug17 Asia range $1.1765-90,
Europe $1.1751-89
*Euro-dollar opened in Asia at the upper side of yesterday's $1.1682-$1.1779
range where Trump's move to dissolve two business councils and Fed inflation
concerns placed the greenback on the defensive
*The weaker dollar theme saw the euro extend gains from $1.1765 to a high of
$1.1790 before meeting supply from option accounts
*Consolidate then took hold, the euro held a narrow $1.1775-83 range 
*Short covering squeezed to $1.1790 (Asia high) in early Europe, but with lack
of follow through was quick to pare gains
*Euro-cross sales started to pressure, triggering stops on the break of $1.1760
*Demand ahead of $1.1750 initially supported, before another wave touched
extended pullback lows of $1.1730
*Recovery efforts remain shallow with option-related demand seen at $1.1700
(E1.26bn). Focus turns to release of the ECB minutes at 1130GMT, followed by US
Jobless Claims/Phila Fed at 1230GMT. 

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