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Market positioning for expected USD.....>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Market positioning for expected USD sales at Thursday's month-end
fixes left traders exposed as release of stronger than forecast US GDP, then
Chicago PMI, knocked rate from its pre NY high of $1.1420 to a low of $1.1360
pre 1600GMT fix. USD sales did indeed emerge into this fix, edge rate back up to
$1.1396 but move quickly lost momentum. Rate sank back to $1.1370 into the
close. The USD enjoyed further demand in Asia, driven by an extended USD/JPY
rally to Y111.78 which pressed EUR/USD to a session low of $1.1364. Rate then
settled between $1.1370-75 into Europe.
- Support $1.1360/50, $1.1335/30. Resistance $1.1388, $1.1400, $1.1420.
- Option expiries of note for today's NY cut, $1.1350-55(E2.07bn),
$1.1425(E2.1bn), $1.1450(E1.72bn)  
- EZ focus today turns to flash EZ CPI & Unemployment, as well as MFG PMI data
from across the EZ.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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