Rate recovered off its early Europe.....>

EURO-DOLLAR: Rate recovered off its early Europe low of $1.0990 through the

balance of Tuesday's session to a high of $1.1075 ahead of the close. NY Fed

acted to relieve USD funding pressures, further action will take place

Wednesday, which added to earlier release of better than forecast Germany ZEW

expectations with pre FOMC positioning providing the drive to allow EUR/USD to

push higher. Early Asia consolidated around $1.1070 before it marked a fresh

recovery high of $1.1076 then drifted off to $1.1063 into Europe. All focus set

on the FOMC announcement, most expecting a further 25bp cut with more attention

set on rate path into 2020. FT suggests watching for the words, 'uncertainty',

mid-cycle adjustment, dissenters, recent spike in oil and Tuesday's NY Fed

intervention. 

- Asian traders have suggested that resistance expected between $1.1090/1.1100,

some link interest to the rolling off of E1.32bln of EUR calls between

$1.1100-15. Support $1.1050/40, stronger into $1.1000 (level holds the strike of

expiring options, E1.4bln of EUR puts).

- EU CPI final read 0900GMT. Normally rubber stamps flash release.