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EURO-DOLLAR: The pair opened in Asia at $1.1910 at the top end of yesterday's
$1.1823 to $1.1913 range, where softer US data and Mnuchin's weaker US dollar is
"somewhat better" for trade comment, placed the greenback on the defensive.
There is no significant data or scheduled events likely to influence trading in
Asia. Local traders expect consolidation ahead of the European open and the
release of European manufacturing PMI's. They also note, a slew of option
expiries today; $1.1870(E1.12bn), $1.1895-1.1900(E1.3bn), $1.1925-30(E1.98bn)
and $1.2000(E1.53bn) that should act to contain the near term range. Resistance
lies at $1.1947 (38.2% $1.2070 to $1.1823 decline), while hourly support is
located at $1.1870. Euro has edged higher to $1.1923 in early trade and
currently sits at $1.1913.