Euro-dollar: Europe open $1.1732,......>

EURO SUMMARY: Euro-dollar: Europe open $1.1732, range $1.1721-1.1784, NY open

$1.1778, range $1.1767-1.1804

*Another wave of dollar sales witnessed the euro grind out a fresh

high of $1.1778 ahead of NY.

*Dollar pressure continued in early NY as the rate grinded on to fresh highs of

$1.1785.

*The release of on target German CPI has seen very little market

reaction with the rate drifting away from its intraday high of $1.1785 towards

$1.1770.

*The euro received a lift following cross demand (jpy/gbp), as the rate headed

to fresh intra-day highs of $1.1798.

*Euro cross demand continued as the rate broke the resistance at

$1.1800, triggering stops and jumping to $1.1804. The pair met supply from ECNS

and slipped back towards $1.1780.

*The rate remained in a very tight range for the majority of the afternoon

session, bouncing between $1.1778/95.