EUR/USD was underpinned by..............>

EURO-DOLLAR: EUR/USD was underpinned by Wednesday's BBG ECB sources piece

throughout Thursday's session, reaching a high of $1.1720 (the Jun 26 high and

the 61.8% retracement of the move from $1.1851 to $1.1509), last ~$1.1695.

- Thursday saw ECB's Praet state that "progress towards a sustained adjustment

in inflation has been substantial so far. The underlying strength of the euro

area economy, together with well-anchored, longer-term inflation expectations,

provides grounds to be confident that the sustained convergence of inflation

will continue in the period ahead, even after a gradual winding-down of net

asset purchases."

- Elsewhere ECB's Mersch reiterated that the "global environment is marked by

heightened uncertainty", while ECB's Nowotny noted that "euro-area growth is

expected to remain strong in 2018." - $1.1720 continues to provide the initial

point of resistance while $1.1660 gives hourly support.