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Risk-on through Asia rolled over into...>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Risk-on through Asia rolled over into European morning trade with
rate contained for the most part between $1.0803-28 before dipping ahead of NY
to test support at $1.0800. Move met willing buyers with recovery momentum able
to gain strength into the NY session as US equities rallied on COVID-19 drug
hopes which in turn boosted the risk outlook. Rate edged on to $1.0870 then
gained an added upside kick on announcement of a French-German post COVID
recovery plan amounting to E500bln in grants. Plan gained immediate support from
Commission President Ursula von der Leyen. Rate extended its rally to $1.0927,
holding most of the gains into the Europe close. Resistance now seen at that
high of $1.0927 ahead of $1.0950/60(E1.0952/59 falling trend resistance off
Mar30 high/76.4% 1.1018-1.0767). Support now seen into $1.0900 ahead of $1.0870.
- Tuesday brings Germany ZEW. ECB Chief Economist Lane Speaks at Policy Webinar.
- In US, Building Permits and  Housing Starts; Powell Testifies Before Senate
Banking Committee; Fed's Kashkari Speaks on Economy; Fed's Rosengren
Participates in Online Discussion.
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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