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Free AccessPosted an extended low of $1.0782 in....>
EURO-DOLLAR: Posted an extended low of $1.0782 in Wednesday Europe morning trade
before recovering to $1.0827 into NY on reaction to poor US ADP data. However,
EUR's underlying bearish feel countered and rate sank back, finding support at
$1.0790. A US afternoon recovery faltered at $1.0817 before it again eased back
to the $1.0790 level. Early risk aversion trade in Asia was reversed which
allowed rate to nudge up to $1.0805 before again drifting back to the $1.0790
into Europe ahead of Germany IP data. Weaker than forecast data, though market
had been prepared for this following poor Germany Factory Orders numbers
Wednesday, caused little immediate reaction with rate then able to track
GBP/USD's positive reaction to the early BOE announcement as it bounced to
$1.0806. Tuesday's German Court ruling, which has the potential to reduce the
ECB's cushioning of the COVID-19 economic effects, continues to hang over the
EUR and seen keeping the underlying tone bearish. US Weekly Jobless Claims at
1230GMT provides focus data on the day.
- Support $1.0790, $1.0782, $1.0760/50. Resistance $1.0845/50.
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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.