Euro-dollar: Aug16 close $1.1766,......>

EURO SUMMARY: Euro-dollar: Aug16 close $1.1766, Aug17 Asia range $1.1765-90,

Europe $1.1751-89

*Euro-dollar opened in Asia at the upper side of yesterday's $1.1682-$1.1779

range where Trump's move to dissolve two business councils and Fed inflation

concerns placed the greenback on the defensive

*The weaker dollar theme saw the euro extend gains from $1.1765 to a high of

$1.1790 before meeting supply from option accounts

*Consolidate then took hold, the euro held a narrow $1.1775-83 range 

*Short covering squeezed to $1.1790 (Asia high) in early Europe, but with lack

of follow through was quick to pare gains

*Euro-cross sales started to pressure, triggering stops on the break of $1.1760

*Demand ahead of $1.1750 initially supported, before another wave touched

extended pullback lows of $1.1730

*Recovery efforts remain shallow with option-related demand seen at $1.1700

(E1.26bn). Focus turns to release of the ECB minutes at 1130GMT, followed by US

Jobless Claims/Phila Fed at 1230GMT.