Rate reversed away from Wednesday's.....>

EURO-DOLLAR: Rate reversed away from Wednesday's early posted high of $1.1168,

easing through the rest of the day to an eventual low of $1.1102, closing the

day at $1.1105. US Trump's address suggested that the Iranians were 'standing

down' after the initial missile retaliation which provided a paring back of

risk-off positions, USD/JPY leading the move with the demand for USD's aiding

the easing in EUR/USD. Early Asia again met decent support below $1.1105,

touched $1.1103 before it edged to $1.1120, the move aided by the risk on

recovery in EUR/JPY. Failure to build on this move has seen it ease to $1.1112

into early Europe. Early focus on Germany IP (market median 0.8%mm, -3.7%yy),

with Germany Trade data released at same time of 0700GMT. A weak release could

see that $1.1105/00 area come under pressure, though a break of $1.1090 seen

needed to expose $1.1070. Resistance $1.1120/25, $1.1140/50. 

- Expiries of note for today's NY cut seen at $1.1090-1.1100(E1.71bln),

$1.1110-15(E1.48bln), $1.1125(E650mln), 

$1.1140-50(E1.56bln) and $1.1200(E1.47bln).