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Recent buoyant tone remained into NY....>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Recent buoyant tone remained into NY trade Monday, after rate had
posted a fresh YTD of $1.1495 earlier in Asia. Rate managed to bounce off a
Europe morning low of $1.1365 to $1.1485 before it settled around $1.1450 into
the close. Early consolidation in Asia before markets grasped a positive tone
provided by US Trump as he promised a 'major economic relief package' to counter
the economic effects of the COVID-19 spread. This, along with reports that
China's President XI had visited the Wuhan area (the source of the corona
virus), helped to repair Monday's risk-off damage, with markets led by the
recovery in US equity futures. EUR/USD eased to an early low of $1.1372,
recovered to $1.1415 with 'good demand' noted on the move through $1.1400.
However, recovery proved short lived as market preferred the corrective pullback
on risk hopes, pressing EUR/USD to a low of $1.1332 ahead of the European open.
Markets now await US Trump measures, scheduled press briefing at 1330GMT.
- France IP/Mfg data 0745GMT, Italy IP 0900GMT. EZ final Q4 GDP and Employment
1000GMT. US Small Business Optimism at 1000GMT.
- Support $1.1330, $1.1300, $1.1286/83. Resistance $1.1380, $1.1415.    
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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