Rate traded to a low of $1.1750 in......>

EURO-DOLLAR: Rate traded to a low of $1.1750 in early NY Friday, recovered

through the London fix to $1.1789 before drifting off to $1.1765 ahead of the

close. Rate touched a high of $1.1781 in opening Asian trade only to be pressed

lower as the main Asian centres opened. Break below $1.1750 triggered added

momentum which allowed rate to post a fresh YTD low of $1.1744. Recovery efforts

were capped into $1.1760 before rate settled around $1.1750 into Europe. EUR was

seen under pressure as Italy's populist parties (5-Star & The League) were seen

moving closer to government(have agreed a PM and a proposed cabinet not far

off). Widespread European holidays for Whit Monday likely to keep trade fairly

subdued. For the week flash EZ PMI's due Wednesday provide the data highlight

for the week. Below the earlier low of $1.1744 next support seen into $1.1720, a

break of $1.1700 likely to accelerate easing. Resistance $1.1780.