Recovery off the NY low of $1.1546......>

EURO-DOLLAR: Recovery off the NY low of $1.1546 extended to $1.1598 ahead of

Thursday's close. Rate reportedly met decent resistance into $1.1600 in early

Asian trade before the level gave way which allowed it to edge on to $1.1609.

Initial pullbacks met support at $1.1600 before it posted a fresh high of

$1.1610 into Europe. However, stronger supply into the new session has seen the

rate pressed down to $1.1591, currently holding heavy at writing. Equity markets

were seen steady to mildly positive in Asia, relieving some of the recent

risk-off tone. Support seen into the Asian low of $1.1586 ahead of $1.1564.

Resistance $1.1609 ahead of $1.1624/29. EZ IP at 0900GMT provides data interest

this morning, though not usually a major market mover. US Q3 earnings season

gets under way, Citi, JP Morgan and Wells Fargo report pre NY open and could be

influential with little in the way of tier1 data out of the US. Equity markets

will be watched for reaction as they have provided a lot of this week's drive.