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Eur/Usd: Asia open $1.1953, range......>

EURO SUMMARY
MNI (London)
EURO SUMMARY: Eur/Usd: Asia open $1.1953, range $1.1946-64. Europe open $1.1956,
* Eur/Usd extended its corrective pullback away from Friday's high of $1.2092 to
$1.1948 in late NY.
* A paring back of pre weekend risk off positions, along with comments from ECB
Coeure, weighed on Eur/Usd.
* Rate recovered to $1.1964 in Asia on reported real money Eur/Jpy demand, then
got squeezed down to $1.1946. 
* Failure to trigger stops sub $1.1947/50 saw traders cover back to $1.1963.
* Rate eased again to $1.1947 at the European open before stronger demand lifted
rate to $1.1978.
* Interest to fade recovery into $1.1980 helped offset another wave of Eur/Jpy
demand, allowed Usd/Jpy to edge to Y109.74.
* Strong UK inflation data boosted sterling, Eur/Gbp dropped to Gbp0.9015 and
helped to press Eur/Usd down to $1.1954.  
* Dip demand remains but cross plays seen providing the main drive. 
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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