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EURO-DOLLAR: Touched a low of $1.1113 Monday before rate recovered, picked up
momentum through the US session, traded to a high of $1.1147 through the 1600GMT
fix then drifted off to close the day at $1.1134. Consolidation through Asia,
rate confined to a range of $1.1131-42 as effects of the sharp rise in USD/JPY
(risk boosted ahead of US-China phase one signing and US removing China's
'currency manipulator' tag) countered as move lifted EUR/JPY. Demand emerged in
early Europe to take rate to $1.1145, but so far has held off a retest of
- Support $1.1131, $1.1113 ahead of $1.1100. ($1.1100 holds strikes of E2.96bln
- E2.91bln EUR puts, expiring options for today's NY cut).
- Resistance seen into $1.1150 ($1.1150-70 area holds strikes of E2.87bln -
E1.54bln EUR calls, of expiring options for today's NY cut). Break of $1.1150,
$1.1162/68, stronger into $1.1180.
- Data light calendar for the EZ. Focus on US CPI at 1330GMT, market median
0.3%mm, 2.4%yy; core 0.2%mm, 2.3%yy.