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Extended its recovery off Wednesday's...>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Extended its recovery off Wednesday's posted YTD low of $1.0992
through Thursday to an eventual high of $1.1039, settling around $1.1030 into
the close. Components of US GDP came in softer than forecast added to pressure
on the USD, with the BOE MPC keeping rates on hold taking cable higher and
dragging EUR/USD with it. Risk appetite took a knock into the close as the US
CDC confirmed the first case of person-to-person spread of Coronavirus within US
borders. However, this was tempered by the WHO declaring coronavirus a global
health emergency. Inline China Mfg PMI, and an uptick in non-Mfg PMI (though
surveys were taken pre LNY and virus spread), eased risk aversion in Asia which
saw EUR/USD pare gains, rate pressed back to $1.1019 into Europe. Support seen
into $1.1000 (1.0998 61.8% $1.0972-1/1039; area between $1.0990-1.1000 holds
expiries for E2.12bln), $1.0992, $1.0980. Resistance into $1.1040, with expiries
noted between $1.1040-60 amounting to E1.39bln).
- France GDP came in at -0.1%qq. Germany Retail Sales came in weaker than
forecast at -3.3%mm vs forecast -0.5%. EZ GDP at 1000GMT ahead of US PCE,
Chicago PMI and UofM. Month-end and USD sales predicted.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MarketsForeign Exchange Bullets

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