Recovery off the Nov12 low of $1.1216...>

EURO-DOLLAR: Recovery off the Nov12 low of $1.1216 extended further Monday to

$1.1464 as markets reacted to US stocks, which fared badly at Monday's open on

the back of escalating global trade concerns & reports of Apple cutting down

orders for three iPhone models. Rate eased to $1.1442 before it settled back

above $1.1450 into the close. Limited news flow in Asia, concerning current risk

factors, provided a consolidation phase through overnight trading, trade

contained within a range of $1.1443-58. Asian traders reported that Goto-bi day

demand for EUR/JPY did provide some buoyancy for EUR/USD through the session.

Suggestion from Asian traders that stale shorts could feel the squeeze should

rate push above the Nov7 high of $1.1500. Traders also highlight that more than

E4bn of option expiries roll off Wednesday with strikes between $1.1475-1.1520.

Data calendars seen light Tuesday. EZ consumer confidence Thu, as well as flash

PMIs & final German GDP Fri. Wed is the only day with no ECB rhetoric scheduled,

but should see the European Commission deliver verdict on the Italian budget

situation. Thanksgiving Thu also seen acting to subdue markets. Support $1.1443,

$1.1394. Resistance $1.1464 ahead of $1.1500.