Rate rallied back from an initial.......>

EURO-DOLLAR: Rate rallied back from an initial traded low of $1.1307 to $1.1381

as ECB Draghi began his press conference Thursday only to drop to an eventual

low of $1.1290 post 1600GMT fix as market reacted to a change in wording for

outlook risks 'have moved to the downside' from 'moving to the downside' in the

previous meeting. Rate recovered to $1.1314, closed the session around $1.1306.

Rate touched an early low in Asia of $1.1301 before it slowly stepped its way to

an eventual high of $1.1328 ahead of the European open. Early trade in Europe

has seen rate contained within $1.1315/25 as market looks for fresh direction.

Focus this morning on Germany Ifo, following mixed flash PMI's Thursday, market

median 100.7 vs last 101.0. US shutdown could see delay in release to US Durable

Goods and Housing data. Hourly resistance noted between $1.1335/45 ahead of

$1.1360 and Thursday's high of $1.1381. Support $1.1300 ahead of $1.1290 and

$1.1270. The area between $1.1390-1.1405 holds the strikes for E2.5bn of

expiring options for today's NY cut.