Eur/Usd: Europe open $1.1956, range....>

EURO SUMMARY: Eur/Usd: Europe open $1.1956, range $1.1934-1.1978, NY open

$1.1935, range

*Breaks below its earlier Asian base of $1.1946 to extend its

corrective pullback away from earlier high of $1.1978 to $1.1936. Move seen

influenced by continued slippage in Eur/Gbp, following release earlier of

stronger than forecast UK Inflation data.

*The dollar got a further lift in early NY as the rate fell to a new intra-day

low of $1.1926.

*The pair bounced following eur/yen demand, with the rate

grinding from its intra-day low of $1.1926 towards $1.1940.

*The rate received a lift, as cross demand (eur/yen) continued, with the pair

grinding towards $1.1960.

*As eur/yen demand continued, the pair slowly followed suit, grinding

towards the intra-day high of $1.1978.

*A small wave of dollar demand, witnessed the rate drop towards $1.1960 into the

NY close.