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Eur/Usd: Asia open $1.1847, range......>

EURO SUMMARY
MNI (London)
EURO SUMMARY: Eur/Usd: Asia open $1.1847, range Y1.1847-71. Europe open $1.1865,
range $1.1809-76.
* Eur/Usd recovered off its early NY low of $1.1818 to $1.1866 then settled
around $1.1850 into the close. 
* Rate picked up fresh demand interest into Asia, rate edged to $1.1871 then
settled around $1.1865 into Europe.
* Early dip to $1.1858 before rate pushed to $1.1876 on cross led trade (Eur/Gbp
bounce).
* Once the cross demand faded so Eur/Usd eased. General Usd demand emerged to
press rate down to $1.1825.
* Rate recovered back above $1.1830 ahead of EZ flash CPI release.
* Softer than forecast data (CPI 1.5%yy, Core 0.9%yy) dropped rate to a low of
$1.1809. Recovery effort capped at $1.1820. 
* $1.1838-45 area holds strikes for today's NY cut for E2.79bn and may attract.
* End month models suggest Usd sales to be seen.     
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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