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Several traders Friday highlighted......>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Several traders Friday highlighted the SOMA(Fed's System Open
Market Account) effect, which overcame reported month-end USD sales and pressed
EUR/USD to a low of $1.1585. Rate recovered to $1.1604 ahead of the close. Rate
eased to $1.1588 in early Asian trade before it settled around $1.1600 through
most of a fairly subdued session. Traders aware that the US and Canada are
closed today for their respective Labor/Labour Days. Recovery picked up fresh
demand into Europe as rate moved above its earlier Asian high of $1.1605 to
$1.1614. Asian traders earlier reported resistance from $1.1610 through to
$1.1630, currently under pressure. Manufacturing PMI data provides the data
focus this morning, Spain begins at 0715GMT, with Italy, France Germany and the
EU to post releases every 5 minutes from 0745GMT (FR flash 53.7, DE flash 56.1,
EZ flash 54.6).   
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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