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EUR/USD dips below 1.07, European equities open firmer

FXStreet (Mumbai) - The positive tone in the European equities added to the bearish pressure on the EUR, pushing the EUR/USD pair to a session low of 1.0686 levels.

Focus on stocks ahead of Draghi speech

The shared currency could continue to track the movement in the European equity markets, which have begun the day on a positive note. Germany’s DAX strengthened 0.15% in early Europe, along with a 0.16% gain in the FTSE and a 0.10% gain in the CAC.

The traders would watch out if Draghi provides more hints regarding the possibility of more easing in December in his speech later today.

EUR/USD Technical Levels

At 1.0685, the immediate support is located at 1.0667 (Nov 19 low), under which the pair could drop to 1.0616 (Nov 16 low). On the other side, resistance is seen at 1.0713 (4-hour 50-MA) and 1.08 levels.

PBoC cut borrowing costs to support slowing economy

In an attempt to tackle a flagging economy, the People's Bank of China today cut interest rates for loans made under the standing lending facility (SLF). The PBoC decided to cut the overnight SLF lending rate to 2.75% and the seven-day rate to 3.25% as. The objective is to inject cash into the banking system to support the slowing economy. The SLF was launched in 2013 to supplement other monetary policy tools such as open market operations.
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FX option expiries for today's NY cut

Find below the FX option expiries for today's NY cut at 1000ET, via DTCC.
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