Feared outcome of the Trump/Juncker.....>

EURO-DOLLAR: Feared outcome of the Trump/Juncker trade meeting failed to

materialise Wednesday as both parties agreed to put recent threatened tariffs on

hold while negotiations continue. This news allowed the EUR to recover off lows,

EUR/USD rallied back from a low of $1.1664 to $1.1739 ahead of the close. Asia

extended the recovery to $1.1744, though failed to find the momentum to retest

the Jul23 high of $1.1750. Risk off tone then emerged as markets viewed the

US/EU trade talks placing more emphasis on US/China trade spat. Rate drifted off

to $1.1727 ahead of the European open, early Europe so far keeping the pressure

on though struggling to extend this current pullback. Focus has switched to

today's ECB rate announcement and ECB Draghi's press conference (1145GMT/1230GMT

respectively). Most don't expect any major announcement, ECB having set out

their policy path for the next 12-15 months, though will look for a

clarification of this guidance. Resistance remains at $1.1750, some suggesting

interest could extend to $1.1760, a break of $1.1770 to expose the Jul9 high of

$1.1791. Support at the earlier Asian low of $1.1722 ahead of $1.1680.