Recovery off Thursday's low of..........>

EURO-DOLLAR: Recovery off Thursday's low of $1.2155 extended through Friday's

session to $1.2336 before rate got a lift in Asia as early market took it on to

$1.2365 on reaction to the agreement of SPD to join a fresh Grand Coalition in

Germany, as well as early Italian exit polls suggesting that Five Star Movement

would be short of a majority. Later exit polls suggested a stronger showing for

Five Star (populist vote in general) and rate dropped to $1.2300. Rate recovered

to $1.2338 but has since drifted off to $1.2308 into Europe. Italy election

result, and the coalition wrangling to be watched but market also has overhang

of the Trump steel and aluminium import tariffs(trade war prompting some mild

risk-off tone). Services PMI releases in the EZ to provide domestic data

interest this morning. US non-mfg index at 1500GMT with Fed Vice Chair Quarles

in view at 1815GMT. ECB Thursday though most expect a change in language to come

at the April meeting. US NFP Friday. Quick probe under $1.2300 in opening Europe

sees rate extend lows to $1.2296, seen exploring for stops sub the figure but

rate holding heavy at writing. Support seen at Friday's NY low of $1.2294.