Recovery off Monday lows of $1.2269.....>

EURO-DOLLAR: Recovery off Monday lows of $1.2269 saw rate step its way up to

$1.2349 into the London fix before it drifted back to $1.2322. Rate opened Asia

around $1.2336, marked a session low of $1.2333 in opening trade before it

extended the recovery to $1.2363. Upside correction was seen driven by Eur/Jpy's

recovery, was seen as a reaction to a hoped for rethink in Trump trade proposals

with risk-on seen creeping back in. Rate drifted back to $1.2343, recovered to

$1.2355 into Europe before fresh selling emerged to ease it to $1.2339. Support

seen at the earlier Asian low of $1.2333 ahead of hourly lows of $1.2322.

Resistance remains at $1.2363/65. A fairly light data calendar for Tuesday, US

Factory Orders and Durable Goods data at 1500GMT the highlight. Fed Dudley due

to speak at 1230GMT in a breakfast roundtable discussion. $1.2300 holds the

strike of a large expiry for today's NY cut, E1.83bn.