EUR/USD recovered off its opening NY....>

EURO-DOLLAR: EUR/USD recovered off its opening NY low of $1.1074 Tuesday, the

rate edging to a high of $1.1119 into the 1600GMT fix before it settled around

$1.1110 into the close. Trade through Asia was confined to a $1.1107/14 range

ahead of FOMC tonight, early Europe managing to extend topside to $1.1117,

though without much conviction. Month end approaching and models have suggested

USD sales vs EUR and GBP to be seen. 

- Main focus on the day is set on the FOMC announcement at 1800GMT(an hour

earlier than usual in Europe due to clock change), most forecasting a cut of

25bp though more interest on the accompanying statement. Any hint of wait and

see will be viewed as hawkish. Ahead of this event we shall see Germany state

CPI's released through the morning, ahead of the pan-German release at 1300GMT.

Germany Unemployment data due at 0855GMT, EU Confidence surveys at 1000GMT and

US ADP at 1215GMT, US GDP at 1230GMT. ECB Lautenschlaeger, Enria and Rehn due to

 speak.

- Support now seen at $1.1074, stronger between $1.1060/50. Resistance

$1.1120/25, $1.1139(61.8% $1.1179-1.1073).