Recovery off Tuesday's low of $1.1193...>

EURO-DOLLAR: Recovery off Tuesday's low of $1.1193 was given an added boost

Wednesday as market reacted to Fed Powell testimony, which was seen keeping the

door open to a 25bp cut at the July meeting, possibly more. Rate lifted to a

high $1.1264 before it settled back on $1.1250 into the close. Further USD sales

emerged in Asia, led by strong USDJPY sales, which allowed EURUSD to extend the

recovery to $1.2781. Reported USD short covering in USDJPY into Europe has seen

rate ease back to $1.1269. Minor support seen at Wednesday's high of $1.1264,

ahead of $1.1250. A break here to open a deeper move toward $1.1236. Resistance

now seen at $1.1281/88 ahead of $1.1300.

- ECB Minutes at 1130GMT provides a curtain raiser into the afternoon ahead of

US CPI and Weekly Jobless Claims. Fed Powell presents his testimony to the

Senate today and will answer further questions. Fed Williams, Quarles,

Bostic(main interest), Barkin and Kashkari also on the agenda to speak ahead of

the Fed blackout period.