Corrective pullback off Mar09 high of...>

EURO-DOLLAR: Corrective pullback off Mar09 high of $1.1495 extended to $1.1251

Wednesday(Mar11) as the USD pared some of its recent losses, the move led by UST

yields. Anticipation ahead of US Trump (spoke at 2100ET) provided some risk

hope, though market positioning was tentative due to earlier disappointment.

Disappointment again in Trump's stimulus announcement, continued concern over

reports of COVID-19 spread (WHO now classing this as a pandemic) in the US not

relieved on the suspension of travel from the Schengen area to the US (UK,

Ireland excluded). Negative reaction seen in US equity futures(Wall St closed in

bear territory), which placed pressure on regional Indexes in Asia and in turn

hit risk outlook which allowed EUR/USD to turn higher, the rate rallying to

$1.1333 before it settled back below $1.1300 through to the European open.

- US actions in focus, attention also on today's ECB announcement(1245GMT). ECB

Lagarde has pre-committed to action this week(presser 1330GMT). Range of

measures expected but market wary of disappointment. EZ IP due at 1000GMT.

- Support $1.1280/75, $1.1250. Resistance $1.1330/35, $1.1350, $1.1370.