Corrective pullback away from the NY....>

EURO-DOLLAR: Corrective pullback away from the NY recovery high of $1.2288

extended to $1.2177 in late NY before further reported US name selling in early

Asia extended move to $1.2165 where rate ran into decent demand. Rate recovered

to $1.2204 in early Tokyo before rate settled back between $1.2180/1.2200. A dip

to $1.2174 attracted fresh demand which lifted rate to $1.2209 into Europe with

further demand extending move to $1.2212 before it dropped back to $1.2190.

Traders noted ECB officials, along with source reports, Wednesday which were

seen applying the upside brakes, after rate had touched a high of $1.2323. This

along with news of Apple to make a one off tax payment of $38bn and invest $30bn

in US operations prompted some speculative Usd buys, though a wire report has

suggested that most of the offshore holding already in Usd instruments and

therefore likely to have little FX effect. 

* Support $1.2165/60, $1.2120 with downside focus on $1.2089(Jan4 high/Sep8

low). Resistance $1.2225.

* BBK Wiedmann speaks in Fft at 0815GMT. ECB Coeure speaks at 1430GMT.