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Recovery off traded low of $1.1530......>
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.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.