Rate finds decent support at $1.1280,...>

EURO-DOLLAR: Rate finds decent support at $1.1280, the level holding the base

twice during the day. EUR/USD saw a high in early Europe of $1.1314 before it

dropped to $1.1280 in reaction to Reuters reports that several ECB policymakers

doubt the projected growth rebound, according to sources. The report adds that

several members of the ECB even question the accuracy of the forecasting models

themselves. Recovery to $1.1312 was seen as market bounced the rate back on a

Bloomberg report that said ECB officials  lack enthusiasm for sub-zero tiering.

However, the recovery struggled to hold gains in early NY with rate slipping

back to $1.1289 through the 1600BST fix before retesting $1.1280. Rate currently

trades around $1.1288 after the European close.  A break of $1.1280 to expose

$1.1250. Resistance remains at $1.1321-31.

- Eurozone inflation data crosses Wednesday as well as speeches from ECBs

Villeroy & Lautenschlaeger.

- US Trade data Wednesday along with appearances from Fed Bullard and Harker