Recovery off Friday's low of $1.2250....>

EURO-DOLLAR: Recovery off Friday's low of $1.2250 was capped at $1.2300 before

rate found support at $1.2280 into the close. Early Asia pressed rate down to

$1.2265 in early trade, recovered to $1.2288 before it drifted lower again,

moving in toward the Asian base at $1.2265 in opening Europe trade. US yield

spread continues to widen and seen placing pressure on Eur longs, this after

CFTC data Friday showed record Eur longs. Support remains into $1.2250, a break

to expose next band of support between $1.2220/00. Resistance $1.2300, a break

to open a move toward $1.2325/35. Focus today on flash PMI data for France,

Germany and EZ (after softer data in March due to poor winter conditions). ECB

Coeure(hawkish lean) speaks this afternoon, of interest ahead of Thursday's ECB

meeting(no change expected with focus on the press conference).