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Recovery off Friday's European..........>

MNI (London)
EURO-DOLLAR: Recovery off Friday's European morning low of $1.0812 touched a
high of $1.0893 in pre 1600BST fix trade, with the corrective ease back finding
support around $1.0860 before closing the week at $1.0876. Rate held fairly
steady through Asia though a general underlying USD bid tone allowed it to drift
off to $1.0857 in Asia with early Europe providing the added weight to take it
to an extended low of $1.0853(50% $1.0812-93). A break here to expose
$1.0843(61.8%) ahead of $1.0831(76.4%) and Friday's low at $1.0812. Resistance
seen at $1.0880, stronger into $1.0900. 
- Germany PPI came in softer than forecast at -0.8%mm, -0.8%yy which took rate
to $1.0847, with recovery efforts so far proving laboured. ECB Current Account
at 0800GMT and EZ Trade at 0900GMT provide morning focus. US Chicago Fed Nat
Activity Index at 1230GMT. Another soft number expected following on from last
week's Empire State data.
- MNI TECHS: EURUSD staged a tepid bounce into the close Friday. Nonetheless,
weaker short-term tone is maintained. Focus on $1.0769(Apr6 low), a break would
trigger a deeper slide towards $1.0636(Apr23 low). 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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