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

EURO-DOLLAR: Recovery off the early NY low of $1.1238 met resistance ahead of

the earlier intraday high of $1.1275, the rate topping out at $1.1274 before it

closed the week around $1.1270. Bullish consolidation seen through a Japan

holiday thinned session with trade confined to a $1.1264/75 range, the rate

trading around $1.1272 in early European dealing. Recent dovish Fedspeak

continues to keep the USD on the backfoot with some focus today turning toward

Fed's Williams, speaks at a LIBOR briefing at 1250GMT, though his Thursday

appearance, speaking on monetary policy, will provide stronger interest.

Williams seen as the main dove voice, having advocated a 50bp cut as an initial

easing. US Empire Mfg at 1230GMT provides data interest. 

- Resistance remains at $1.1275, a break to expose the Jul11 high of $1.1286

with key resistance now seen close behind at $1.1288(Jul5 high). Break to open a

quick move up to $1.1300-05. Support initially seen at $1.1264/60, a break to

open a deeper move toward $1.1255/50 ahead of $1.1238.