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Rate was pressed back from its..........>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Rate was pressed back from its Tuesday high of $1.2355 to $1.2240
ahead of the NY close. Move was seen driven by general USD demand/position
adjustment ahead of today's US FOMC announcement, widely expected to hike rates
25bp with attention on the dots for future rate path. Rate marked a low of
$1.2241 in opening Asian trade before it recovered through the session to
$1.2267, early Europe demand providing some added lift as rate edged on to
$1.2273. Expect some resistance on approach to $1.2300, support remains between
$1.2250/40, traders noting that the $1.2250 level holds the strike of an
expiring option at today's NY cut, E2.38bn which could provide some anchoring.  
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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