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The USD pared early Monday gains in.....>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: The USD pared early Monday gains in NY. EUR/USD demand took the
rate off its traded lows of $1.1530 to $1.1570 before it settled back above
$1.1550 through to the close. Rate recovered to $1.1564 in Asia, helped by LHS
Tokyo fix interest in USD/JPY, before it settled between $1.1555/60 through to
the European open. Monday's sell off was prompted by the release of
disappointing Germany Factory Orders data, market this morning turning attention
toward release of Germany IP (0600GMT - market median -0.5%mm, 3.0%yy) for next
directional impetus. Monday's mover lower encountered decent demand from around
the $1.1550 level, the break here allowing rate to extend lows to $1.1530.
Further support suggested into $1.1520, stronger between $1.1510/00 ($1.1509 YTD
low Jun21) and suggested linked to option interest. Resistance remains at
$1.1570/74 ahead of $1.1600/10.  
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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