Posted an extended low of $1.0782 in....>

EURO-DOLLAR: Posted an extended low of $1.0782 in Wednesday Europe morning trade

before recovering to $1.0827 into NY on reaction to poor US ADP data. However,

EUR's underlying bearish feel countered and rate sank back, finding support at

$1.0790. A US afternoon recovery faltered at $1.0817 before it again eased back

to the $1.0790 level. Early risk aversion trade in Asia was reversed which

allowed rate to nudge up to $1.0805 before again drifting back to the $1.0790

into Europe ahead of Germany IP data. Weaker than forecast data, though market

had been prepared for this following poor Germany Factory Orders numbers

Wednesday, caused little immediate reaction with rate then able to track

GBP/USD's positive reaction to the early BOE announcement as it bounced to

$1.0806. Tuesday's German Court ruling, which has the potential to reduce the

ECB's cushioning of the COVID-19 economic effects, continues to hang over the

EUR and seen keeping the underlying tone bearish. US Weekly Jobless Claims at

1230GMT provides focus data on the day.

- Support $1.0790, $1.0782, $1.0760/50. Resistance $1.0845/50.