Rate dropped to $1.1448 only to.........>

EURO-DOLLAR: Rate dropped to $1.1448 only to bounce back through the 1600GMT fix

to $1.1488 before it settled around $1.1460 into Friday's  close. Pre Tokyo

trade in Asia saw rate mark a high of $1.1466 before it eased to $1.1447 with

recovery into the Japanese session capped at $1.1460. Trading overall was

described as subdued, China and S.Korea closed for the Lunar New Year holidays

this week, Singapore only working half day. Failure to push above $1.1460 led to

rate drifting off to $1.1440 into Europe. Support is seen into $1.1435/25 ahead

of $1.1400. Resistance $1.1460, $1.1486/88 ahead of $1.1500. Noted last week

that rate struggled to hold gains above $1.1500, touched a high of $1.1514 on

Jan31 before retreating.

- EZ focus this week falls on Italian CPI due later today, final EZ services &

composite PMI due Tuesday & German industrial output due Thursday. Elsewhere,

ECB's Mersch & Costa speak later today, while Mersch will speak again on

Thursday. Also worth noting Thursday will see the publication of ECB's econ

bulletin & the EU Commission's econ forecasts.