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Free AccessMonth-end models were again proved......>
EURO-DOLLAR: Month-end models were again proved correct, predicting strong USD
sales to be seen into the 1600BST fix, which provided for a strong recovery
rally which saw rate bounce from a ECB press conference low of $1.0833 to a high
of $1.0972 into said fix. Some of those positioned for the rally seemed to be
happy to book profit on the initial move above $1.0900 leaving the way open for
the extended move. Post fix and rate eased back, finding support into
$1.0920($1.0919 38.2% $1.0833-1.0972). Residual demand has provided some late
buoyancy allowing rate to nudge back toward $1.0950 at writing. A lot of centres
in Europe will be closed Friday for the May Day holiday which could provide for
some added volatility into the new month as today's ECB announcements get
digested.
- Focus Friday on final US mfg PMI, though overshadowed by Mfg ISM. US
Construction spending also due.
- Support $1.0920, $1.0900, stronger into $1.0890/86(area of recent highs and
61.8% $1.0833-1.0972). Resistance $1.0972, $1.0991/96(Apr15 high/61.8%
$1.1163-1.0727).
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.