Euro-Dollar: Europe open $1.1749,......>

EURO SUMMARY: Euro-Dollar: Europe open $1.1749, range $1.1702-52, NY open

$1.1704, range $1.1650-1.1713

*Broke below its earlier base of $1.1712 (Jul25 high) to extend its

corrective pullback away from the post FOMC extended Asian high of $1.1777 to

$1.1687, in early NY. The move was following USD/CHF breaking 0.9600.

*The dollar pared back some of its gains, as dip buyers emerged, pushing the

rate towards $1.1700.

*Broad based dollar selling witnessed the rate grind towards $1.1710,

as dip buyers emerged just off the lows.

*A wave of dollar demand following US Tsys yields saw the rate

dip to a new intra-day low of $1.1686.

*Month-end rebalancing saw broad based dollar demand, with the

rate dropping to a new intra-day low of $1.1650.

*Tier 1 institutions were reported buying close to the low along with ECNS,

pushing the rate back over $1.1680