Japanese retail exiting of TRY/JPY......>

EURO-DOLLAR: Japanese retail exiting of TRY/JPY positions seemed to provide the

catalyst for risk aversion trade with sales of USD/JPY, and more especially

EUR/JPY, weighed on EUR/USD and pressed it to an extended pull back low of

$1.1750(off Tuesday's high of $1.1830. Rate has since recovered to $1.1768 into

Europe. Attention seen on flash EZ PMI data France at 0700GMT, Germany 0830GMT

and EZ 0900GMT. Market waiting to see if the data suggests a bounce back in Q2

GDP outlook, current median 0.6%QQ vs Q1 0.4%. A fall in orders last month,

along with French strikes, could provide some negative weight. Support remains

at the Asian low of $1.1750, a move below $1.1743 to expose the recently posted

2018 low of $1.1717(May21). Decent sized option expiries with strikes at

$1.1750(E1.23bn) and $1.1785(E1.05bn) may provide some anchoring ahead of the

run off. Resistance $1.1790/1.1800 ahead of Tuesday's high of $1.1830. FOMC

Minutes to provide focus in afternoon trade (discussion on neutral rates could

provide a hawkish tone).