Monday's risk-on move saw EUR/USD.......>

EURO-DOLLAR: Monday's risk-on move saw EUR/USD rally to a high of $1.0927,

helped in NY by a positive reaction to Merkel/Macron COVID plan. Rate remained

buoyed above $1.0900 through to the close, then consolidated those gains through

Asia Tuesday. Rate touched an extended pullback low in Asia of $1.0902 before

Europe provided the added drive to further extend the recovery to $1.0976 ahead

of the NY open. Main demand provided by JPY crosses after the BOJ announced an

unscheduled meeting for Friday. Early NY took USD/JPY through resistance around

Y107.50, the USD demand weighed back on EUR/USD, as well as reports that a group

of 4 EU countries may oppose the Merkel/Macron plan, MNI ran a story that

Austria, Netherlands and Skandi members prefer loans over grants, before rate

met support ahead of $1.0920 through to the Europe close. Fed Powell and Trsy

Sec Mnuchin comments had minimal market effect.

- Wednesday, EZ final CPI at 1000BST(not usually a market mover), more interest

in EZ Consumer Confidence at 1500BST.   

- Support remains into $1.0920, $1.0900, $1.0870, $1.0850. Resistance $1.0950,

$1.0972/76(100-dma/intraday high).