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EURO-DOLLAR: Recovery off Thursday's (Mar07) low of $1.1177 continued through
Friday, with the release of US jobs data only causing a slight hiccup (headline
NFP a lot lower than expected but countered by upside revision to Jan data and
stronger than forecast earnings) as EUR/USD progressed up to $1.1246. Rate
settled back around $1.1235 into the close. Consolidation in early Asia before
rate was pressed down to $1.1223 on slight risk aversion though this moderated
as Chinese equities opened on the front foot. Rate recovered through the balance
of the session to $1.1240 into Europe. Release of disappointing Germany IP data,
countered by revisions and strong German trade data, leads to only a slight
negative react in EUR/USD, the rate easing off to $1.1235 but underlying buoyant
tone remains. Expect resistance into $1.1250, a break to expose $1.1265/70 ahead
of $1.1300, $1.1320. Support $1.1225/15 ahead of $1.1200 and $1.1177.
- Data focus on US Retail Sales at 1230GMT(earlier time due to US changing
clocks at weekend).
- Eurogroup FinMin meeting in Brussels.