Eur/Usd: Europe open $1.1924, range....>

EURO SUMMARY: Eur/Usd: Europe open $1.1924, range $1.1914-70, NY open $1.1984,

range $1.1932-1.2059

*ECB unchanged with market reaction seen fairly muted, although some

paring back of earlier entered spec longs squeezed rate back to $1.1964.

*Climbs back above $1.2000, moves through earlier high of $1.2020 to

$1.2059, despite ECB Draghi making a case of the effects strong Eur has on the

inflation outlook. Pared back of longs/profit taking saw the rate slip back to

$1.2020.

*The euro continues to pare back its gains, as bunds rally and profit taking in

the pair, has seen the rate drop to pullback lows of $1.1973.

*Dip buyers emerged of the pullback lows of $1.1973, this combined

with US Tsys yields falling and XAU jumping to new intra-day highs has seen the

rate grinding towards $1.2030.

*A round of broad based dollar demand, as US Tsys Yields pare back

some of its losses the pair has followed suit with the rate dropping towards

$1.1990 before bouncing back over $1.2000