EUR/USD - 1.2075

Although euro's rebound from yesterday's low at 1.2052 (Europe) to 1.2099 in New York due to intra-day retreat in U.S. yields suggests decline from Tuesday's 10-week peak at 1.2181 has made a temporary bottom, outlook remains bearish for further weakness after consolidation, loss of downward momentum should keep price well above daily sup at 1.1987.

Only a daily close above 1.2116 dampens bearish view and risks stronger gain to 1.2130/40 before prospect of decline next week.

Data to be released on Friday:

New Zealand manufacturing PMI, Australia consumer inflation experience.
U.S. import prices, export prices, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, U. Mich. sentiment, Canada manufacturing sales, wholesales trade.

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