Managed to make a show above $1.1000....>

EURO-DOLLAR: Managed to make a show above $1.1000 in early NY, touched $1.1008

before momentum faltered, failing to make an assault on the May1 high of

$1.1018. Sharp reversal as risk outlook was knocked as China warned of sanctions

countermeasures. EUR/USD sank back to $1.0937 ahead of the 1600BST fix,

recovering to settle around $1.0960 into the NY afternoon. Risk has been a major

driver in recent sessions though some talk suggesting that with the relief of

pressure on the Chf1.0500 level in EUR/CHF, sovereign position adjustments,

following protective action, have rescinded and seen allowing the EUR to drift

higher (no confirmation for this). 

- Friday brings release of ECB Minutes at 1230BST. ECB Lane due to speak. 

- EUR/USD support $1.0937, $1.0920. Resistance $1.1000-1.1018, a break of

$1.1020-30 to boost upside momentum.