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Rate drifted off to a low of $1.1003....>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Rate drifted off to a low of $1.1003 during Tuesday's session, with
risk positions pared ahead of US Trump's appearance at the Economic Club in NY.
Move met decent support, said to be placed on the approach to $1.1000 and mainly
linked to option interest. Rate recovered to $1.1020 post Trump before closing
the day around $1.1009. Risk remained on the backfoot as traders reacted to
details in Trump's speech, failed to imply any progress in China trade
talks(didn't mention rolling back tariffs) and continued his attacks on Fed
policy. Trade through Asia was contained between $1.1007-17 with talk again in
Asia of decent support placed into $1.1000. A break below to expose technical
support at $1.0994/91(61.8% 1.0879-1.1179/Oct15 low), a move below likely to
accelerate selling. Resistance, which in recent sessions has been reported at
and above $1.1060 now seen in place between $1.1050/55.
- Final Germany CPI confirmed flash 0.1%mm. EU IP at 1000GMT. US CPI at 1330GMT
ahead of Fed Powell's appearance before the Joint Economic Committee. Fed
Kashkari at 1830GMT.  
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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