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(U2) More Stable But Still Fragile


Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum


Key Support Still Exposed


Late Equity Roundup: 2W Highs

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MNI (London)
EURO-DOLLAR: Touched a low of $1.0805 in early European trade Monday, extending
its corrective pullback away from Friday's high of $1.0864, as markets took
stock of weekend reports of COVID-19 spread. Rate consolidated around $1.0820
through to the NY open before rate picked up fresh demand as the USD came under
pressure. A mix of virus cover and Saunders risk weighed on US equities, UST
yields, as EUR/USD rallied to $1.0872 before momentum faltered. Rate eased to
$1.0841, closing the day at $1.0854. Rate drifted to $1.0845 early Asia as
markets reacted to Wall Street losses, but a reassessment of the virus
situation, headlines re: various policy measures & research into a coronavirus
vaccine drawing attention, and relatively shallow case counts out of China &
South Korea, steadied markets. A decent bounce in U.S. equity index futures
coincided with a lift in USD/JPY - risk outlook, allowing EUR/USD to edge to
$1.0868. COVID-19 developments remain a key driver. 
- Germany GDP provided no surprises. France confidence data at 0745GMT, Spain
PPI at 0800GMT. 
- Support $1.0840, $1.0810/00. Resistance $1.0868/72, $1.0900. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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