9 July 2001, 12:21  Forex - Euro steady in directionless early London trade

LONDON (AFX) - The euro was unchanged from afternoon Tokyo levels in directionless early London trade with little news to trade on, dealers said. "We had a big rise on Friday and when it couldn't break through the 0.85 usd level it started coming off a bit. But we could see it break through if we get some good German output data," said Adrian Schmidt, a currency strategist at Royal Bank of Scotland. Tony Norfield, a strategist at ABN Amro, said: "There was some resistance close to the 0.85 level but there is not much going on." Sterling was slightly weaker in early trade on some profit-taking ahead of UK producer price and M0 data due out later this morning, dealers said. "It is coming off a bit after the rally against the dollar on Friday and it could go lower if German production numbers are strong especially after the weak UK production numbers," Schmidt at Royal Bank of Scotland said. Norfield, at ABN Amro, said: "We had some resistance at the 1.4116 usd level."

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