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EURO-DOLLAR: Recovered off Tuesday's low of $1.1104 as market reacted to the
release of headline US CPI, though move was capped at $1.1135 before it settled
back around $1.1125 at the close. Despite the slight miss analysts have
suggested this could be due to transitory factors, adding that year/year
inflation still accelerated, coming in at the fastest pace in over a year. Into
Asia and attention switched to today's signing of the US-China phase-one trade
agreement, though risk appetite was bruised by reports that the US is drafting a
rule to block more sales to Huawei, then soothed by comments from US Tsy Sec
Mnuchin that Trump administration may consider removing tariffs under phase-two
deal, though likelihood for this to be after this year's election and China's
compliance under phase-one. Trade through Asia was confined to a tight
$1.1126/37 range, holding firm within into Europe. No reports seen on EU trade
commissioner Hogan's trip to the US as he meets US trade rep Lighthizer.
- Support $1.1105/00, $1.1085, $1.1070. Resistance $1.1145/50, $1.1168, stronger
- Option expiries of note, $1.1000(E1.38bln), $1.1100-10(E1.09bln)