Eur/Usd: Asia open $1.1813, range......>

EURO SUMMARY: Eur/Usd: Asia open $1.1813, range $1.1812-33. Europe open $1.1826,

range $1.1807-37.

* Eur/Usd recovered off a low of $1.1753 Wednesday to $1.1817 on US tax reform

uncertainty.

* Rate dipped to $1.1800 ahead of the close before picking up fresh demand into

the Asian session.

* Rate chewed through offers between $1.1825-30 to a session high of $1.1833.

* Rate eased to $1.1823 ahead of Europe before another round of demand emerged

which took rate to an extended high of $1.1837. 

* Rate drifted lower in Europe, found initial support at $1.1820 then sank

through its Asian low of $1.1812 to $1.1804.   

* ECB policy meeting in focus. Current program of E60bn pm expires in Dec.

* ECB widely expected to reduce to E30bn pm though duration seen key. Widely

expected 9-mos extension.

* Longer than 9-mos/open ended(with dependent language) would be seen Eur

negative.