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A Little Firmer To Start


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MNI (London)
EURO-DOLLAR: Rate managed to recover off Monday's NY pullback low of $1.1220 to
$1.1252 in early Asia, turned lower in Europe and retested the Jun25 low of
$1.1191 in early NY. Sharp bounce back as Dow opened firm, with demand able to
take rate to $1.1262 at the month-end fix. This rapid recovery likely to have
caught market wrong footed as month-end models had suggested EUR/USD sales to be
seen, the closing out of shorts providing added upside energy. Rate dipped back
to $1.1233 post fix with recovery efforts so far meeting resistance around the
$1.1250 level. One trader comments that a certain entity which was suggesting
short EUR/USD at the fix was a noted buyer of EUR/USD and EUR/JPY.
- Looking ahead to July, final EZ Mfg PMI readings due Wednesday, though have
become second tier behind the earlier flash release. Germany unemployment
expected to show an increase due to COVID-19 effects though market there is
beginning to reopen. US ISM Mfg, ADP (ahead of Thursday's early release of NFP),
Construction spending and FOMC Minutes.
- Support $1.1191, $1.1180/60 area. Resistance $1.1262/65(intraday high/76.4%
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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