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Recovery off traded low of $1.1867......>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Recovery off traded low of $1.1867 sees rate move up to retest the
earlier Asian high $1.1897. This initial challenge again seen meeting resistance
as rate eases back to $1.1892 at writing. Move seen driven in part by the
recovery in Eur/Gbp, this cross having seen an extended low of Gbp0.91865,
following its corrective pullback from Aug29 highs of Gbp0.9307, with rate
touching a fresh intraday high of Gbp0.9210 (Asia Gbp0.9207). This move has left
cable languishing around $1.2915/20. Resistance in Eur/Usd remains into $1.1900,
a break to open next resistance area between $1.1915/25. EZ Flash CPI at
0900GMT. Recent stronger than forecast Germany and Spain CPI could prompt a
stronger than forecast show in this release. If this proves to be the case it
will further strengthen speculation the ECB to discuss a taper in their current
QE program. End month flow models suggest moderate Usd demand to be seen at the
fix.
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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