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Touched a low of $1.1048 in opening.....>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Touched a low of $1.1048 in opening Asian trade Monday before it
stepped its way to a recovery high of $1.1237 in early Europe only to ease to an
eventual NY low of $1.1094. Rate managed to recover through the 1600GMT fix to
$1.1178, closing the day at $1.1183. Risk enjoyed some relief from the recent
risk off pressure, EUR/USD took its lead from a strong performance by US equity
futures which, along with RHS interest at the Tokyo fix saw USD/JPY push higher,
in turn pressed EUR/USD down to $1.1159. As USD/JPY upside momentum faded, and
rate turned lower, so EUR/USD recovered to $1.1189. However, USD/JPY recovery
ahead of the European open saw EUR/USD pressed to a fresh intraday low of
$1.1152 in opening Europe trade. Markets continue to watch developments in the
COVID-19 spread and linked Governmental action (France in total lock-down;
France Le Maire warning that France GDP to contract 1.0% in 2020; EU restricting
entry from outside countries). 
- EZ Labour Costs and Germany ZEW due at 1000GMT. US Retail Sales 1230GMT, US
IP/Mfg, Cap.Ut. at 1315GMT, Business Inventories, NAHB Housing Market Index
1400GMT. Support $1.1094, resistance $1.1189/1.1200, $1.1237.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MarketsForeign Exchange Bullets

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