Eur/Usd: Asia open $1.1815, range......>

EURO SUMMARY: Eur/Usd: Asia open $1.1815, range $1.1803-24. Europe open $1.1807,

range $1.1764-1.1807.

* Recovery off Monday low of $1.1731 extended to $1.1828 in NY before it settled

around $1.1810 into the close. 

* Eur-Usd rose to $1.1824 largely on Euro-yen demand from Japanese investors

before move faltered.

* Firmer UST yields reversed the early move, eased rate down to $1.1803.

* Rate recovered to $1.0810 into Europe before fresh downside pressure emerged.

* Dollar demand emerged early Europe which took rate down through $1.1800,

touched $1.1796 then recovered to $1.1807. 

* Recovery was met by further supply, the rate stepped its way lower through the

morning to an eventual low of $1.1764.

* Recovery efforts remained shallow and kept focus on the downside. 

* Little reaction to weak release of Germany ZEW Expectations, 10 vs forecast

15, Eur was already weaker. 

* Positioning ahead of Jackson hole remains key driver.