Recovered off a low of $1.2307 in.......>

EURO-DOLLAR: Recovered off a low of $1.2307 in early NY Friday to $1.2344 before

it settled around $1.2330 into the close. Minimal reaction to the weekend

military action by the US, UK and France in Syria, rate initially marked a low

of $1.2322 before it recovered to $1.2343 but general demand for Jpy in late

Asia has influenced the rate down to $1.2329 via sales of Eur/Jpy. A light EZ

data calendar with main attention on release of US Retail Sales data at 1230GMT

(Empire State also due same time). Expectation that Retail Sales data should

bounce back from prior soft prints. Little reaction to Syria strikes, as well as

US not reporting China as a currency manipulator in the US Treasury semi-annual

report Friday, should dampen any risk-off trade. Support seen into $1.2300,

resistance $1.2340/50.