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Saw an extended low of $1.1193..........>

MNI (London)
EURO-DOLLAR: Saw an extended low of $1.1193 Tuesday ahead of the NY open before
it settled back above $1.1200 into the close. A fairly subdued Asian session saw
rate consolidate within a tight $1.1202-11 range. Despite the correction off
lows the USD retains most of its post NFP strength, Friday's strong data has
taken some expectation for a 50bp cut at the next FOMC off the table, with a WSJ
interview Tuesday with Fed Harker supporting this outlook, with attention now on
Fed Powell's Testimony today at 1400GMT. FOMC Minutes from the June meeting now
viewed as stale as June meeting was before the G20 Trump/Xi talks and last
Friday's data. After Powell US inflation data Thursday will provide next
interest. Minor support seen at $1.1200 ahead of Tuesday's $1.1193 low. Break
here to expose $1.1185-80 ahead of $1.1155/50. Resistance $1.1215-20 ahead of
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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