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Eur/Usd: Asia open $1.1772, range......>

EURO SUMMARY
MNI (London)
EURO SUMMARY: Eur/Usd: Asia open $1.1772, range $1.1762-77. Europe open $1.1775,
range $1.1750-79.
* Weaker than forecast US PPI, with Fed Dudley not seen as upbeat as hoped for,
acted to weigh on the Usd Thursday.
* Eur/Usd extended recovery off earlier lows of $1.1704 to $1.1785, settled
around $1.1775 into close. 
* Trade in Asia was contained within a range of $1.1762-77, held firm into the
European open. 
* Opening Europe touched $1.1779 then turned lower as Usd/Jpy recovered off Asia
lows of Y108.91 back through Y109.00. 
* Rate was pressed to an extended low of $1.1750 where it ran into reported
demand.
* Recovery was capped at $1.1765. Note $1.1750-65 area holds strikes of expiring
options today, E2.48bn.
* However, US CPI provides main focus on the day ahead of that expiry. Result to
dictate directional impulse. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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