Corrective pullback from Thursday's.....>

EURO-DOLLAR: Corrective pullback from Thursday's highs of $1.1434 to $1.1391

seen as market picked up on dovishness in the ECB Minutes, 'the board

"acknowledged uncertainties and fragilities" which highlighted growth concerns,

though they countered by saying that EZ domestic strength will prevail. No

discussion of TLTROs. Move lower seen in thin trade conditions, caused by US

Thanksgiving holiday. Rate settled just above $1.1400 through to the close. Rate

picked up demand in Asia, though trade was again seen thin due to today's

Japanese Thanksgiving holiday, edged its way to a high of $1.1417 before early

Europe gave it an added lift to $1.1421 as market challenged reported resistance

around $1.1420. Initial challenge rebuffed and prevented a retest of $1.1434.

Stronger resistance mentioned between $1.1440/50. EZ flash PMI data due for

release this morning, though as RBC mentions in its morning note, relationship

with hard activity data has been weak of late. ECB Vice President de Guindos

speaks at 1200GMT. Markets expecting continued subdued trading, Japan holiday

and shortened US session cited. Support $1.1390, stronger into $1.1350.

Resistance $1.1420/25, $1.1434, stronger $1.1440/50.