A fairly subdued Asian session, which...>

EURO-DOLLAR: A fairly subdued Asian session, which tends to be the case ahead of

the US Employment Report, saw EUR/USD contained within a range of $1.1614-31,

with rate favouring the top end of this range into Europe. Hourly resistance

noted at $1.1633 provides an initial hurdle to to upside progress, a break to

expose the stronger area between $1.1655/59. Below $1.1614 support noted around

$1.1600. German IP data at 0600GMT(along with Q2 Labour Costs and Trade)

provides the early data focus. Market median for IP seen at 0.3%mm in July,

following -0.9% in June. However, Germany Factory Orders Thursday disappointed

and may have lowered market expectations for today's release. A strong release

would provide the surprise. France and Spain IP also due up (0645GMT/0700GMT

respectively) ahead of Italy Retail Sales at 0800GMT and EZ Q2 GDP final

estimate at 0900GMT. However, these releases seen as curtain raisers for the

day's main event at 1230GMT, US Employment Report. Disappointing ADP Thursday

may have some lowering expectations for NFP, market median 195k. AHE forecast at

0.2%. If NFP were to miss it may suggest an underlying weaker trend emerging,

following July's weak data.