A fairly subdued Asian session with.....>

EURO-DOLLAR: A fairly subdued Asian session with EUR/USD held within a

relatively tight range of $1.1485-95 for most of the session, puicking up demand

into Europe which took it to an extended high of $1.1503. Early Europe has taken

advantage of the late rise and have pressed rate back to $1.1492 but move seen

meeting decent support. Markets seem to be awaiting the full return of US

markets today, bond markets were closed Monday for Columbus day though equity

markets were open. Rate saw a low of $1.1460 Monday and managed to recover to

$1.1499 ahead of the close with Asia, as mentioned above, extending this move.

Traders aware that the $1.1500 level holds the strike of a decent sized option

for today's NY cut, E1.58bn, which could act to keep it anchored. A light data

calendar in Europe though plenty of speakers, speeches commence at 0830GMT, when

ECB Executive Board member Yves Mersch participates in a panel discussion in

Bangkok, Thailand. IMF released its World Economic Outlook overnight, global

growth marked down to 3.7% vs 3.9%, mainly driven by a slow down in EM. Support

remains at $1.1460/50, resistance $1.1535 ahead of $1.1550.