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EURO-DOLLAR: Release of stronger than forecast US GDP, as well as much better
than forecast Chicago PMI, looked to catch the short term market wrong footed as
they were positioned short USD's ahead of today's month end fixings (bank models
had suggested strong USD sales to be seen). EUR/USD had touched a high of
$1.1420 ahead of the NY open before it stepped its way to a low of $1.1360 only
to bounce back sharply to $1.1396 through the 1600GMT fix. Post fix rate eased
to $1.1371but had recovered to $1.1388 in late NY trade. Support now seen at
$1.1360/50. Resistance into $1.1400 ahead of $1.1420.