Clear below the earlier dip stall of....>

EURO-DOLLAR: Clear below the earlier dip stall of $1.1181 has seen rate extend

slippage to $1.1154, with recovery efforts remaining very shallow. Support

suggested into $1.1150, a break here to expose lows seen last June between

$1.1120/10. Resistance now seen at $1.1180/90, a break of $1.1200 now seen

needed to relieve some of the current downside pressure. 

- Option expiries for Thursday's NY cut seen with strikes at $1.1150(E595mln),

$1.1170(E637mln), $1.1200(E684mln). Will watch to see if these amounts have

increased by morning.

- Downside pressure was seen prompted earlier by the release of disappointing

Germany Ifo data, hope for green shoots of recovery failing to materialise in

the figures. A data light calendar for the EZ Thursday with USD strength/German

yields to be the driving factors.