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Spikes above the earlier Asian high.....>

MNI (London)
EURO-DOLLAR: Spikes above the earlier Asian high of $1.1672, the move taking the
rate through Wednesday's NY recovery high of $1.1676 as rate further extends
recovery off Tuesday's freshly posted 2018 low of $1.1510. Risk aversion fading
after Tuesday's move with month-end bank models predicting USD sales to be seen
at today's fixings. Rate extends to $1.1689 but expected to meet resistance from
around $1.1690 through to $1.1700. The $1.1700 level holds the strike of a large
option expiry for today's NY cut, value E2.24bn, which may draw some protective
interest ahead. Above the figure and next large option expiry interest seen at
$1.1720-25 for E1.98bn. Below option expiries noted at $1.1650(E1.84bn) and
$1.1600(E1.43bn). Release of EZ flash CPI at 0900GMT will get main morning
attention, most expect a rebound from April's suppressed levels.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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