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Euro/dollar: Europe open $1.1606,......>

EURO SUMMARY: Euro/dollar: Europe open $1.1606, range $1.1554-1.1609, NY open
$1.1570, range $1.1554-1.1590
*Spiked 20 pips from fresh session lows of $1.1554 to $1.1578 after Bloomberg
headlines that said key ECB policy makers are reported to have challenged QE
pledge, just ahead of NY.
*Broad based dollar demand at the NY open witnessed the rate drop
back towards the session low.
*In a very lackluster NY session, the euro received a lift
through the crosses (yen, gbp and aud), with the rate grinding to recovery highs
of $1.1578 before losing momentum.
*A sharp turn in the US dollar, as US Tsys yields pared their gains
and stocks fell witnessed the rate spike to recovery highs of $1.1590 before
*The dollar pared back its losses, as oil, the Dow and
gold dropped with rate drifting back towards $1.1560. The dollar faded towards
the close with rate heading towards $1.1590.

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