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Rate continues to trade with a heavy....>

MNI (London)
EURO-DOLLAR: Rate continues to trade with a heavy feel, the EUR feeling the
weight from a generally strong USD and position adjustments ahead of Thursday's
ECB announcement. Most expect the ECB to move to an easing bias, providing a
signal for a cut in Sep, while others see chance for a 10bp cut at this meeting.
Rate touched an extended low of $1.1146 in late NY trade Tuesday, opened in Asia
at $1.1156 before it drifted back through the rest of the Asian session,
touching $1.1141 into early Europe. Mild support seen into $1.1140, a break to
expose $1.1125/16 (May31/May30 lows) ahead of $1.1107 (YTD low May23).
Resistance seen into $1.1158. Rate has been tracking its 10-dma 1.0% envelope,
the base of which comes in at $1.1110. Looking at the chart the rate has been
respecting these parameters, especially on a close basis.
- Flash PMI readings due from France, Germany and the EZ this morning, from
0715GMT. Any negative reading will be seen adding weight to those calling for
action to be announced Thursday. EZ M3 to be released at 0800GMT.  
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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