Extended recovery in early Europe to....>

EURO-DOLLAR: Extended recovery in early Europe to $1.1611(Asia high $1.1606),

the move up aided by Eur/Gbp demand. However, as that cross demand faded so the

Eur has pared the early gains with Eur/Usd trading back under $1.1600, though

activity overall seen slow. Support seen at the Asian low of $1.1685, with

interest still noted at Tuesday's broken support level of $1.1675(Oct27 low). A

break back below this level to bring the $1.1550 area back into focus. Rate saw

a low of $1.1554 Tuesday before recovery. Decent sized option expiry interest

seen between $1.1560/45, with talk that the $1.1550 holds barrier interest still

around.