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Rate recovered off early Monday NY......>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Rate recovered off early Monday NY lows of $1.1354 to a high of
$1.1424 before it settled around $1.1410 into the close. US mid-term elections
Tuesday have helped to hem market into tight ranges. EUR/USD initially edged to
a high of $1.1414 as market reacted positively to US/China trade comments from
Trump and China VP Wang(key Xi adviser) though reaction was muted. Rate drifted
off to $1.1399 before it began to lift back into Europe. This recovery was given
added impetus as Europe took it back to retest that earlier $1.1414 high but
again recovery faded at this level. Stronger than forecast Germany Factory
Orders data allowed rate to nudge topside to $1.1416. EZ Services/Composite
PMI's and EZ PPI due this morning but not expected to have a major market moving
impact. ECB Praet, Coeure and Lautenschlager due to speak. Resistance $1.1424/32
ahead of $1.1453/56. Support seen to $1.1390, a break to expose technical hourly
support between $1.1380/70.  
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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