Euro-dollar: European open $1.1780,....>

EURO SUMMARY: Euro-dollar: European open $1.1780, range $1.1691-89, NY open

$1.1696, range $1.1662-1.1754

*The release of somewhat dovish ECB minutes, in particular the

statement "ECB expressed concern over risk of euro overshooting", saw stops

triggered through the break of $1.1680 with the rate crashing to a new intra-day

low of $1.1662.

*The euro pared back its post ECB losses, as ECNS and tier 1 institutions were

reported buying, pushing the rate to recovery highs

$1.1714. Positive jobless claims witnessed the rate fall towards $1.1690. 

*Renewed pressure on the dollar following US Tsys yields falling saw the rate

grind to $1.1720.

*As rumors circulated that Gary Cohn had resigned, we witnessed a

burst of dollar selling, as the rate spiked to $1.1756, before slipping back

towards $1.1740 as the White House announced the rumors were fake.

*The dollar received a lift into the close as profit takers emerged, as the rate

fell towards $1.1720.