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Recovery off traded low of $1.1530......>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Recovery off traded low of $1.1530 Tuesday extended to $1.1590
ahead of the NY close, with Asia extending this move on to $1.1608 off an early
base of $1.1579. Rate had drifted off to the $1.1590 area into Europe. Traders
Tuesday had noted that support strengthened into that $1.1530 level, adding that
any break below $1.1520 would have concerned short term longs. Resistance
remains at $1.1608/11, stronger interest continues to be noted at and above the
$1.1630 level. $1.1625 holds the strike of a decent sized option for today's NY
cut, E1.29bn. Some Asian traders suggested level expected to draw resistance on
approach. EZ Services and Composite PMI data due for release this morning, major
EZ releases begins with Spain at 0715GMT. EZ Retail Sales at 0900GMT. EM's
continue to concern in the background and remain a key market driver via risk.  
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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