Risk lost its recent shine through......>

EURO-DOLLAR: Risk lost its recent shine through late European morning trade and

into NY, early reports on Trump setting a date to meet his Chinese counterparts

were denied, leaving markets with few risk signals and prompting many DMFX to

trade sideways. Having touched a high of $1.1248 in early Europe, again seen

meeting stiff resistance from the $1.1250/55 area, the rate reversed, squeezed

to a low of $1.1206 before it lifted back through the 1600BST fix to $1.1225.

Rate currently seen settling around $1.1220. Position adjustments ahead of

Friday's key US Employment Report evident. Particular caution may be warranted

this month following the surprisingly poor headline payrolls release last month,

which saw just 20k jobs added. This Friday's figure is expected at 178k(whisper

185k) with AHE expected to slow to 0.3% M/M from 0.4%. Ahead of US data we have

release of Germany IP Friday morning at 0600GMT, market median 0.5%mm, -1.4%yy.

After the earlier release of poor Germany Factory Orders expectations to be

marked lower. 

- Support remains at $1.1210-00, $1.1185-75. Resistance $1.1250-55. 

- Expiry of note Friday, $1.1250 for E2.06bn.