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EURO-DOLLAR: Following on from Wednesday's dovish FOMC/Fed Powell the USD was
seen under pressure through Asia and into early Europe which acted to extend
EUR/USD's rally through Wednesday's high of $1.1502 to $1.1514 before momentum
faded and rate eased off to $1.1472, though able to edge back to $1.1494 at the
NY open. Rate managed to nudge on to $1.1496 in opening NY trade before rate
resumed its corrective pullback, moving through the earlier low to $1.1447
through the month-end 1600GMT fix. Bank models had suggested strong USD sales to
be seen at today's fixings, but some traders had acknowledged that $11.7bn of
SOMA operations would likely provide a counter. This, along with reported
comments from ECB Weidmann, uncharacteristically downbeat on both the German
economy and the need for the ECB to be active in tightening policy(stated that
"the process of ECB policy normalisation likely to take several years", took
rate to an extended low of $1.1436, with recovery efforts capped at $1.1450.
- Friday morning brings final EZ Mfg PMI's, though key release is the EZ flash
CPI(market median headline %1.4%, core 1.0%).
- Into the afternoon attention on US NFP/Earnings.