EUR/USD: open $1.1888, Asia range......>

EURO SUMMARY: EUR/USD: open $1.1888, Asia range $1.1888 - $1.1933, Europe range

$1.1926 - $1.1947.

* The overriding theme in Asia was one of dollar sales as month-, quarter- and

year-end rebalancing favouring sterling and the euro over the greenback.

* EUR/USD has pulled back slightly from European morning highs of $1.1947

heading into the NY crossover but still holds firm as the DXY index approaches

November lows.

* The pair broke above resistance at the Dec1 high of $1.1940 but November highs

$1.1961 are still out of reach for the time being.

* Offers seen heading into the $1.20 level could make any further upside

difficult, but thin markets will keep price action erratic and less predictable.

* Main event risk is from the US today, with trade balance, weekly jobless

claims and the MNI Chicago PMI all due this afternoon.