Pullback from Thursday's high of........>

EURO-DOLLAR: Pullback from Thursday's high of $1.2384 extended to make a show

under Thursday's low of $1.2300 in Asia, touched $1.2295, before rate picked up

demand though recovery momentum was seen slow as rate edged to $1.2321 in early

Europe (Asia high $1.2313). Rumour that US National Security Adviser McMaster to

be the next exit from the White House prompted risk off flow, though this was

denied by press secretary Sanders but damage done. Expectations that McMaster

will go therefore prompted only a lack lustre move back into risk, allowing for

the recovery in Eur/Usd. EZ CPI at 1000GMT, usually confirms the earlier

released Flash data. US data provides IP and Capacity Utilisation at 1315GMT

ahead of University of Michigan Sentiment at 1400GMT. Support remains into

$1.2295, a break to expose $1.2280. Resistance $1.2335-50. Headline risk

reaction currently seen as the main driver for direction.