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EURUSD was initially supported to.......>

EURO-DOLLAR
EURO-DOLLAR: EURUSD was initially supported to $1.1698 overnight by the broader
risk tone surrounding Canada, but failed to reclaim the $1.1700 level. Rate
drifted lower amid narrow range trade, continuing the downward trend into
Europe. Near-term support is seen at $1.1631 (23.6% 1.1301-1.1733), below here
opens the 50 & 55-dma's at $1.1616/14. Bulls need to reclaim $1.1700 to re-test
yesterday's high ($1.1733) and challenge the 100-dma at $1.1755. Quiet on the
European calendar this morning with German GFK the main release at the top of
the hour. Focus turns to second quarter US GDP (1230GMT) where it's expected to
be revised down slightly to a 4.0% pace of growth from the 4.1% advance initial
estimate. Softer PCE growth, reflected in the downward adjustment to retail
sales in May and June, is expected to drive the downward revision. The chain
price index is forecast to be unrevised at 3.0%. Also, a reminder as we approach
month-end that bank models have suggested USD selling. Notable option-expiries
today at $1.1640-50(E1.28bn), $1.1675(E1.38bn). EURUSD sits near the base of its
range, last $1.1675.
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