Early consolidation in Asia saw rate....>

EURO-DOLLAR: Early consolidation in Asia saw rate in a tight range around

$1.1595 before it got shoved down to $1.1578 as traders looked to clear out

reported stops down to $1.1590. Move lower aided by USD/CNY's higher open but

buyers quickly emerged into the dip with the USD then seen paring back those

early gains across the board. Rate edged to $1.1604, before settling just below

$1.1600 through to the European open. EU Employment and Germany ZEW are both due

at 0900GMT and provide the domestic data interest. ECB Nouy speaks in Strasbourg

at 1200GMT. Asian traders have highlighted resistance around the 50-dma at

$1.1612, ahead of Monday's high of $1.1616, though see stronger resistance in

the area between $1.1640/50. Support $1.1578/69(Asia low/NY low Sep10). Traders

also note option expiry interest for this week, $1.1600 holding E2.7bn, $1.1550

E2.9bn and $1.1500 E5.3bn.