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MNI (London)
EURO-DOLLAR: Initial positive reaction to Thursday's ECB removal of its QE bias
from the policy statement saw Eur/Usd spike to $1.2446 only for it to reverse
sharply lower as ECB Draghi downplayed this change, highlighting duration
remained. Rate dropped to $1.2298 in NY but had recovered to $1.2318 into Asia.
News that N.Korea Kim to meet US Trump 'within weeks' boosted risk and boosted
Jpy sales, move up in Usd/Jpy led reaction and in turn pressed Eur/Usd down to
$1.2295 before buyers emerged to support. Rate slowly recovered back to its
early Asian high of $1.2318 into Europe with the new session extending the move
to $1.2322. Expect some resistance around $1.2330, with the $1.2350 level behind
holding the strike of a large option expiry for today's NY cut, E2.5bn. US
Employment Report at 1330GMT provides the main focus, NFP median 205k though
more interest seen in AHP, median 0.2%mm, 2.8%yy. Markets expected to be fairly
subdued ahead of the Employment Report, though Thursday ECB Draghi press
conference and overnight Trump/Kim proposed talks to draw analysis. 
* Option expiries of note, $1.2200(E1.79bn), $1.2300(E2.12bn), $1.2350(E2.5bn),
$1.2450(E2.71bn), $1.2500(E2.03bn)
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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