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Recovery off its early NY low of........>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Recovery off its early NY low of $1.1573 aided by comments from
Italian government officials as they tried to allay concerns over the upcoming
Italian budget. Rate touched a high of $1.1620 before it settled on $1.1610 into
the close. Asia continued the corrective pullback to $1.1601 before it bounced
back to $1.1619, the move aided by Japanese sales of USD/JPY, though this move
ran into decent support at Y110.71. Late Asia bounce back in USD/JPY saw EUR/USD
drop back to $1.1602 into Europe, but move again seen meeting demand placed into
$1.1600. Rate currently trades around $1.1608. A light data calendar for the EZ
with attention into the afternoon on US PPI(ahead of Friday's US CPI) and Weekly
Jobless Claims. Support remains into $1.1600, a break to expose next minor
support at $1.1590 ahead of $1.1573. Resistance $1.1620/28.  
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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