A fairly subdued Asian session as.......>

EURO-DOLLAR: A fairly subdued Asian session as rate was contained within a

relatively tight range of $1.1461-75, trades into Europe around $1.1468. Market

remains on watch for the repercussions as Brussels sends back the Italy Budget

for revision (they have 3-weeks to do this) but most expect the Italian

populists to dig in. US Trump made fresh criticism of Fed policy, suggesting

again that the central bank is raising interest rates too quickly, calling the

Fed the biggest risk to US growth(US mid-term elections loom). A recovery in

equity markets, led by China, relieved some of the risk aversion pressure in

Asia though market so far not looking overly convinced. Flash PMI data for

France, Germany and the EZ provide the morning's data focus, along with EZ M3.

Support seen at $1.1460 with stronger interest said to remain in place around

$1.1440. Resistance $1.1490/1.1500. Stand out option expiries seen at

$1.1450-55(E1.56bn) and $1.1500(E1.23bn).