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Rate recovered off its Monday low of....>

MNI (London)
EURO-DOLLAR: Rate recovered off its Monday low of $1.2369 to $1.2416 before
stalling with rate through Asia able to gradually pare back those gains, the
rate touching a low of $1.2375 ahead of the European open. The Usd generally
seen trading firm though markets to await the return of US markets, from their
long weekend holiday for next main directional impetus. Many reports suggest
this current Usd strength seen purely corrective, most looking for a decent
short Usd re entry level. EZ domestic focus this morning turns to Germany ZEW at
1000GMT, median 93.90 for current situation, 16.00 for economic sentiment. 
* Support $1.2375/65, stronger toward $1.2340. Resistance $1.2412, $1.2435/40. 
* Option expiries of note for today's NY cut, $1.2365(E551mn), $1.2400(E900mn),
$1.2425(E432mn), $1.2500(E795mn)
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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