Eur/Usd spiked through $1.1800..........>

EURO-DOLLAR: Eur/Usd spiked through $1.1800 yesterday after the perceived dovish

Fed hike, gains extended to the $1.1825/30 area and consolidated into the NY

close. Minor dip in early Asia was supported by Eur/Jpy Japanese real money

demand to largely hold $1.1830/40. As UST yields firmed ahead of Europe, rate

slipped to $1.1819 before momentum faded. Option-related demand is seen through

$1.1820/00 (Expiries E2.32bn).

* Busy on the European calendar today with main highlights from flash services

and mfg PMI data. France crosses the wire at 0800GMT, Germany at 0830GMT and the

euro area data at 0900GMT.

* The first of the central bank announcements comes at 0830GMT, when the SNB lay

down their latest policy decision. The Norges Bank will announce at 0900GMT.

* At 1245GMT, the ECB's latest monetary policy decision is due, with President

Mario Draghi's press conference due at 1330GMT.

* Option-expiries at $1.1610(E1.72bn), $1.1655(E444mn), $1.1700(E1.19bn),

$1.1800(E1.2bn), $1.1815-20(E1.12bn), $1.1860(E728mn), $1.1864-65(E757mn),

$1.1900(E601mn), $1.1930(E329mn), $1.2000(E489mn).