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Position adjustments, ahead of..........>

MNI (London)
EURO-DOLLAR: Position adjustments, ahead of Thursday's ECB meeting, saw EUR/USD
break under $1.1200 in Asian trade, the move easily moving through its Jul9 low
of $1.1193 to $1.1189 ahead of the European open. Rate continues to rest heavy
on this level, with next support seen into the Jun18 low of $1.1181. MNI sources
have suggested the ECB will add an easing bias to their forward guidance, to
make clear that its next move in interest rates will be down. This view is being
countered in part by speculation for the size of the FOMC rate cut next week,
market split between 25bp and 50bp. 
- Support $1.1181-79 (Jun18 low/76.4% 1.1107-1.1412) ahead of $1.1155/50.
Resistance $1.1200/10, $1.1225/30.
- ECB Lending Survey Q2 2019 0800GMT, EZ Consumer Confidence at 1400GMT
- US Phila Fed non-mfg 1230GMT, Redbook Retail Sales 1255GMT, Existing Home
Sales, Richmond Fed Mfg 1400GMT.   
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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