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Eur/Usd: Asia open $1.1825, range......>

EURO SUMMARY
MNI (London)
EURO SUMMARY: Eur/Usd: Asia open $1.1825, range $1.1807-35. Europe open $1.1818,
range $1.1792-1.1838. 
* Eur/Usd extended US CPI reaction rally Friday from initial high of $1.1835 to
$1.1847, closed week around $1.1822. 
* Rate marked an Asian low of $1.1807 in opening trade before rate settled
between $1.1817/35.
* Move up to the Asian high was seen driven on Eur/Jpy demand as pre weekend
risk positions were pared back. 
* Rate was drifting lower into Europe, eased on to $1.1810 before buyers
emerged. 
* Rate bounced back to $1.1838 before it met resistance. Asian traders noted
sell interest around $1.1840. 
* Reversal gained momentum through $1.1810/07 as rate extended lows to $1.1792.
* Rate had recovered back above $1.1800 late morning. Rate closed above its 200
week ma Friday ($1.1780, this week $1.1771) 
* FOMC Minutes Wednesday. ECB Minutes Thursday. 
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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