Reversal off Tuesday's high of..........>

EURO-DOLLAR: Reversal off Tuesday's high of $1.1140 extended to $1.1064(38.2%

1.0879-1.1179) before closing the day around $1.1074. Move lower was seen on the

back of increased optimism toward China-US trade negotiations, as well as

stronger than forecast US non-mfg ISM. Rate consolidated Tuesday's losses

through the Asian session, touched an early low of $1.1068 before recovery

effort was capped at $1.1080. Rate settled into a $1.1070/80 range through to

the European open. Risk appetite was dented by China's Global Times report which

circulated talk of Beijing demanding the removal of some U.S. tariffs before the

finalisation of a phase-one trade pact can go ahead. Early focus is on Germany

Factory Orders at 0700GMT, market median 0.1%mm vs prior -0.6%. EZ Svcs/Comp PMI

data releases begin with Spain at 0815GMT through to EZ at 0900GMT. Speakers

include ECB de Guindos(0900GMT), ECB Mersch(0930GMT), ECB Holzman(1310GMT). Fed

Evans, Williams and Harker also on the slate. 

- Support $1.1164, $1.1044/39(55-dma, 50-dma), $1.1030/25. $1.1025 holds the

strike for E1.87bln of expiries at today's NY cut. Resistance $1.1080, $1.1100,

$1.1120/25.