Thursday saw EUR/USD draw support.......>

EURO-DOLLAR: Thursday saw EUR/USD draw support from the EUR/GBP pair moving back

above GBP0.9000 on the back of the release of the UK government's no deal Brexit

perpetration papers. That was before late comments from Italy's Di Maio, as he

stated that his 5-Star party is willing to suspend EU funding if the EU doesn't

act on migrant matters, which helped push EUR/USD to a session low of $1.1530.

- Earlier Thursday the ECB minutes noted that officials were satisfied that

markets are aligned with their own rate outlook & that the threat of

protectionism was prominent, which could generate a further confidence decline.

Thursday also provided a mixed bag of Euro area PMI's (France beat, Germany

mixed, EZ soft), which drew little reaction.

- EUR/USD last deals at $1.1545, sticking to tight ~15 pip range in Asia thus

far. The pair's failure to hold above $1.1600 & subsequent weakness has shifted

the short-term outlook neutral with bulls needing a close above the 50-DMA

($1.1611). Bears focus on the $1.1500 area, with hourly support from Aug 21

($1.1528) providing the initial support level.