Euro/dollar: Europe open $1.1830,......>

EURO SUMMARY: Euro/dollar: Europe open $1.1830, range $1.1805-33, NY open

$1.1814, range $1.1785-1.1839

*Slowly grinding lower, rate extended intraday lows to $1.1805 approaching the

NY open.

*Fresh dollar pressure in early NY witnessed the rate grind towards $1.1825.

*The dollar received a small lift following a jump in US Tsys

yields, as the rate drifted towards the intra-day low of $1.1805.

*The release of weak US new car sales has seen broad based dollar

pressure, with rate rising towards $1.1840 

*A sharp drop in the pair as USD reserves drop, has seen the

rate drop from $1.1825, to new intra-day low of $1.1785. Before dip buyers

emerged pushing the rate towards $1.1800.

*Renewed dollar pressure as HFTS and ECNS were reported buying,

pushing the rate to recovery highs of $1.1839 before meeting supply and drifting

back towards $1.1800 into the NY close.