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EURO-DOLLAR: In early European trade, the rate continues to climb and touches
fresh session highs at $1.1937 and the strongest level since Dec1 at $1.1940.
With volume and risk events thin, today's trade has been broadly flow-driven
with dollar sales the overriding theme of the Asian session. Should the rate
continue to climb, November highs at $1.1961 will be within range, sitting in
close proximity to a significant option expiry level for Jan9 at $1.1985, where
E1.77bln is set to expire. Calendar light today; sole data release at 0900GMT
with the ECB's Economic Bulletin.