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Recovery off Tuesday's low of $1.2373...>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Recovery off Tuesday's low of $1.2373 extended on to $1.2422 in
Asia helped mainly by Tokyo demand for Eur/Jpy. As that demand faded so Eur/Usd
began to drift lower, found interim support at $1.2400 in early Europe but now
below, trading back to $1.2392. Support remains at Tuesday's low of $1.2373,
break here to expose $1.2360/50. Month-end still relevant, bank models continue
to suggest strong Usd demand to be seen into the Thursday fixes (most markets
closed for Good Friday). Large $1.2400 strike option set to roll off at today's
NY cut(E1.6bn) could act to anchor the rate ahead of the roll off. Asian traders
have reported decent demand interest expected to emerge into the $1.2350 area. 
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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