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Recovery off the early Asian low of.....>

MNI (London)
EURO-DOLLAR: Recovery off the early Asian low of $1.1741 faltered in early
Europe around the $1.1775 level with rate currently seen under mild pressure as
it pulls back to $1.1763. Rate had been sold off in Asia to the mentioned low on
reported aggressive US name sales. This move eventually weighed back on EUR/JPY
which in turn countered the earlier rapid rise in USD/JPY which had seen this
rate rally up to Y110.49 on reported German led buys.  Support remains into
$1.1740 ahead of $1.1727/25. Resistance $1.1775-85. Germany ZEW survey due for
release at 0900GMT. US CPI provides the main focus on the day at 1230GMT, market
median seen at 0.2%mm for Headline and Core. This data not likely to influence
Wednesday FOMC but will be watched for effect on future rate path. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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