Recovery off Friday's low of $1.1570....>

EURO-DOLLAR: Recovery off Friday's low of $1.1570 saw rate edge to $1.1629

before it settled back around $1.1605 into the month-end close. Opening demand

in Asia took rate back to $1.1628 but strong demand for USD/JPY provided a

counter as the US unit picked up demand across the board. Rate eased top

$1.1604, eventually drifted off to $1.1591 ahead of Europe. Press report

suggesting EU Commission to reject Italy's Budget Plan in Nov(La

Repubblica/Rtrs) acted to take rate to an extended low in early Europe to

$1.1686, the rate holding heavy at writing. Technical agreement in the NAFTA

talks sees USMCA emerge. Some risk-on interest prompted but most will wait to

see if agreement passes next hurdles. As mentioned in recent sessions, the

effects of SOMA ($19bn) could see the USD gain ground during the day (this is

based on historical market activity during other SOMA days). Support seen into

$1.1580/70. Resistance remains on approach to $1.1630.