A mildly hawkish 25bp rate cut by the...>

EURO-DOLLAR: A mildly hawkish 25bp rate cut by the FOMC saw the USD react

positively, took EUR/USD to an extended intraday low of $1.1014 before it

settled around $1.1030 into the close. Rate eased to $1.1023 in early Asia

before it picked up demand, the interest allowing it to edge to a high of

$1.1045 into Europe. Expect mild resistance into $1.1050 ahead of Sep18 hourly

highs of $1.1068 ahead of $1.1076. 

- Decent sized option expiries for today's NY cut include, $1.0950(E2.07bln,

E2.05bln are EUR puts), $1.1000-10(E1.2bln, E1.0bln are EUR puts),

$1.1045-50(E1.4bln), $1.1075-85(E1.11bln), $1.1100-10(E2.91bln),

$1.1125-30(E1.46bln).

- Of interest this morning SNB and Norges Bank rate decisions at 0730GMT and

0800GMT respectively; midday BOE rate decision. 

- ECB speakers Coeure at 1000GMT and Lautenschlager 1200GMT. US Weekly Jobless

Claims, Phila Fed at 1230GMT, Existing Home Sales 1400GMT.