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Sold off Friday from $1.1421 to a low...>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Sold off Friday from $1.1421 to a low of $1.1328 before it posted a
partial recovery to $1.1338 into the close. USD/JPY demand through the Tokyo fix
saw rate pressed down to $1.1327 before buyers emerged to take it up to $1.1361
into Europe. Upside correction was seen on an easing in risk off positions.
Resistance seen placed between $1.1360/65 ahead of $1.1380/85. Support $1.1327.
Italy Budget concerns continues to  bubble away, though rhetoric appears to be
easing from both sides. Bloomberg News had a story that Deputy Premier Salvini
has signalled a new openness to change Italy's budget deficit target for next
year. Salvini and Di Maio are due to meet PM Giuseppe Conte to discuss the
budget later today. Focus today on Germany Ifo data at 0900GMT with market
watching to see any further signs of subdued growth in the EZ. ECB Praet,
Nowotny and Draghi all due to speak.  
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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