Euro/dollar: Europe open open..........>

EURO SUMMARY: Euro/dollar: Europe open open $1.1707, range $1.1696-1.1758, NY

open $1.1756, range $1.1738-1.1773

*Reported stops sub $1.1700 were targeted early Europe, rate got to $1.1696 but

met decent demand which cushioned.

*Rate recovered through the balance of the morning to $1.1748 as the market

awaited the arrival of NY.

*Clawing higher again as rate extended recovery off its early European

low of $1.1696 to fresh intraday highs of $1.1762 at the NY open.

*The dollar slowly pared back some of its losses, as the

rate drifted away from the intra-day high of $1.1762 towards $1.1745.

*Pressure on the dollar continued following falling US Tsys yields

and XAU firming, witnessed the rate jump to fresh intra-days highs of $1.1773.

*The dollar received a lift as US Tsys yields moved higher with the rate

dropping to pullback lows of $1.1739, before bouncing back towards $1.1750.