Euro-dollar: European open $1.1636,....>

EURO SUMMARY: Euro-dollar: European open $1.1636, range $1.1625-1.1650, NY open

$1.1630, range $1.1625-1.1661

*The euro started to drift ahead of Eurozone CPI & GDP. Soft core release (0.9%)

pressed to $1.1625, before firmer GDP headline and revisions countered to hold

$1.1640/45. Early NY witnessed rate drift back towards the session lows.

*Despite the release of much better than expected MNI'S Chicago PMI

(59.9exp-66.2act) witnessed a reverse effect with the rate grinding

towards $1.1645.

*A sharp spike in the pair as cable rallied, as gilts moved sharply

higher. The pair went on to print fresh session highs of $1.1661.

*After printing a new session high of $1.1661, the rate drifted

back towards $1.1640. The move coincided with dollar demand at the month end

re-balancing.

*Following eur/yen demand and broad based yen pressure, eur/usd followed suit

with the rate grinding from $1.1640 towards the session high of $1.1661.