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EURUSD retraced back through the 1.14...>

EURO-DOLLAR
EURO-DOLLAR: EURUSD retraced back through the 1.14 level on Thursday, extending
the downtrend in Asia to $1.1341. Italy again the main driver with added weight
via EUR crosses after the EC forecast a much higher Italian budget deficit than
the Italian government estimated. Recovery efforts have so far held shallow into
Europe and with little on the calendar, option flow is expected to dictate price
action. There are a number of large expiries rolling off for today's NY cut.
$1.1300(E1.14bn), $1.1335/40(E1.16bn), $1.1375(E1.3bn), $1.1400(E2.54bn),
$1.1425(E3.63bn), $1.1500(E6.46bn). EURUSD last $1.1350. 

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