Recovery off Friday's low of $1.1073....>

EURO-DOLLAR: Recovery off Friday's low of $1.1073 extended on to $1.1107 into

Monday's NY open before it dropped back to $1.1084. However, risk appetite

allowed it to recover back above $1.11 into the close. Risk appetite acted to

pop USD/JPY above Y109.00, the demand for USD initially pressed EUR/USD back to

$1.1091 before it bounced back to $1.1103 as EUR/JPY pushed above Y121.00. Head

wind resistance above Y121 countered the move, which in turn has taken rate to a

fresh intraday low of $1.1089 into Europe. Asian traders have suggested decent

resistance in place between $1.1100-10, countered by noted support into $1.1080,

stronger into $1.1060/50. Month-end approaching and early models suggest USD

sales to be seen vs the EUR and GBP which should act to keep EUR/USD buoyed.

FOMC decision Wednesday expected to produce another 225bp cut though more

attention on the accompanying statement to judge future rate path.

- France Consumer Sentiment at 0745GMT. US Consumer Confidence, Pending Home

Sales 1400GMT.