Earlier Thursday, Bank of America noted.......>

FOREX: Earlier Thursday, Bank of America noted that their "proprietary real

money flows Monday to Wednesday this week have turned bullish risk, showing

strong EUR demand against JPY and GBP. We find these flows surprising ahead of

the EU Summit today, in which expectation are relatively low. Very weak Eurozone

PMIs today also point to a severe recession. Our estimates suggest that the

market is somewhat long EUR and this position could be at risk. On the other

hand, hedge fund flows have been cautious. Monday to Wednesday this week, our

hedge fund clients bought USD and sold AUD, NZD and NOK. Both real money and

hedge funds sold NZD. Following mostly selling last week, our proprietary EM FX

flows have been somewhat more selective this week, although real money and hedge

funds moved in different direction in some cases. Both real money and hedge fund

flows have been supportive for THB. Flows have been particularly negative for

RUB, CNH, ARS, IDR and TWD."