Break of $1.1300(not been below since...>

EURO-DOLLAR: Break of $1.1300(not been below since Jun28 2017), as Europe opened

trading, dropped EUR/USD to a low of $1.1269 with recovery efforts so far been

fairly muted. Focus seen on the EU/Italy Budget response deadline Tuesday,

Italian FinMin Tria has already said that the Govt has no intention of changing

its 2.4% deficit target, which could result in punitive measures from the EU

that will weigh on BTP's, and in turn the EUR. Another SOMA day looming this

week (Nov15 sees $17.4bn) which has a track record of boosting the USD. A light

data calendar in the EZ Monday, attention Tue on Germany ZEW and Wed EZ Q3 GDP.

Support remains from the earlier posted low of $1.1269 through to $1.1250

(Expiries of note today, $1.1250 E1.12bn, $1.1300 E1.08bn). Resistance now seen

at $1.1300/10. Some technical traders suggest that if rate can hold this break

of $1.1300 it will begin to expose $1.1000.