EUR/USD: European open $1.1950,........>

EURO SUMMARY: EUR/USD: European open $1.1950, range $1.1947-$1.1988, NY open

$1.1987, range $1.1984-1.2026

*The soft dollar theme continued into the NY open with the rate printing fresh

highs of $1.1994.

*Broad based euro demand combined with gold spiking higher witnessed

another round of demand, with the rate printing fresh session highs of $1.1999,

before losing momentum and dropping back towards $1.1985.

*Another run on the dollar as gold remained in demand and US Tsys

Yields fell further, the rate grinded back to re-test the session high of

$1.1999.

*As the month/quarter/year end re-balancing began we witnessed

pressure on the dollar, the rate went onto break the resistance at $1.2000 and

triggered stops, pushing the rate to session highs of $1.2014.

*A fresh wave euro demand across the board, in particular eur/yen

saw eur/usd follow suit, grinding to fresh 3 month highs of $1.2026, before

fading into the early close.