Euro/dollar: Europe open $1.1798,......>

EURO SUMMARY: Euro/dollar: Europe open $1.1798, range $1.1774-1.1806, NY open

$1.1820, range $1.1786-1.1941

*Spiked to $1.1828(Aug22 high) as reported stops at $1.1820 were

targeted and triggered. Profit take sales were quick to emerge to counter with

rate trading back to $1.1815, into the NY open.

*As Fed's Yellen did not comment on monetary policy, the dollar bounced

initially, falling to $1.1786 before coming

under intense pressure, triggering stops through $1.1850 and printing a new

intra-day high of $1.1869.

*The dollar remained under pressure ahead of Draghi's speech, with

the rate grinding to a new session high of $1.1890, before

sliding towards $1.1870.

*Following somewhat hawkish comments from the ECB'S Draghai

"Europe recovery consolidation at earlier stage than US" has seen the rate spike

to a new multi year high of $1.1941.

*The Euro pared gains towards the close with the rate slipping towards $1.1920.