Recovery off Thursday's EZ IP...........>

EURO-DOLLAR: Recovery off Thursday's EZ IP inspired low of $1.2300 found

resistance at $1.2340 in NY before rate settled around $1.2330 through to the

close. Asia was seen in a general consolidation mode with trade contained within

a relatively tight $1.2322-33. ECB Minutes didn't expend on the ECB Statement

released at the last meeting. The reaction to the EZ IP miss shows market

looking more closely at EZ growth/inflation data than they have done recently,

note that Barclays have changed their ECB call and, as they say, see ECB to err

on the side of caution. German CPI at 0600GMT, though usually confirms the

flash, but any downside revision could prompt another round of downside

pressure. Weekend approaching and recent sabre rattling could have some opting

for risk position cover in case of any military action in Syria. Support remains

at $1.2300, more into $1.2280. Resistance $1.2340-60 with Asian traders earlier

suggesting sell interest scattered between.