Following on from Wednesday's dovish....>

EURO-DOLLAR: Following on from Wednesday's dovish FOMC/Fed Powell the USD was

seen under pressure through Asia and into early Europe which acted to extend

EUR/USD's rally through Wednesday's high of $1.1502 to $1.1514 before momentum

faded and rate eased off to $1.1472, though able to edge back to $1.1494 at the

NY open. Rate managed to nudge on to $1.1496 in opening NY trade before rate

resumed its corrective pullback, moving through the earlier low to $1.1447

through the month-end 1600GMT fix. Bank models had suggested strong USD sales to

be seen at today's fixings, but some traders had acknowledged that $11.7bn of

SOMA operations would likely provide a counter. This, along with reported

comments from ECB Weidmann, uncharacteristically downbeat on both the German

economy and the need for the ECB to be active in tightening policy(stated that

"the process of ECB policy normalisation  likely to take several years", took

rate to an extended low of $1.1436, with recovery efforts capped at $1.1450. 

- Friday morning  brings final EZ Mfg PMI's, though key release is the EZ flash

CPI(market median headline %1.4%, core 1.0%).

- Into the afternoon attention on US NFP/Earnings.