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ITALY T-BILL AUCTION PREVIEW

Jul 27 6-Month BOT Details

EURUSD TECHS

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EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Monday's break above the recent resistance area between $1.1245-55
provided added impetus to take the rate to an extended high of $1.1274 before it
settled between $1.1260-65 into the close. Early Asia squeezed rate back to
$1.1255 before it met fresh demand that allowed it to edge to an intraday high
of $1.1269 into Europe. Traders note that the $1.1245-65 area holds strikes
amounting to E4.73bn for today's NY cut, the $1.1270-75 area holding E1.09bn of
expiries. EUR/USD currently buoyed by a slightly better risk outlook but
expected to meet continued resistance in the $1.1270-75 area, a break though to
open potential toward $1.1320-30. Support remains between $1.1255/45. A light
data calendar for Tuesday with attnetion already switched on to Wednesday's ECB
rate announcement (no change widely expected) with main focus on ECB Draghi and
any details of TLTRO.  
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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