Risk off tone carried over from late....>

EURO-DOLLAR: Risk off tone carried over from late NY Thursday through Asia and

into early Europe trade Friday, which in turn extended EUR/USD's corrective

pullback, away from Thursday's high of $1.1371, to $1.1255. Some suggestion that

selling was seen into the 0800BST fix before pressure faded and rate began to

recover, positive COVID-19 vaccine news(Gilead suggesting Remdesivir aiding

recovery in tests) aiding the move to $1.1301 into NY. Rate dipped to $1.1274 in

opening NY trade but risk on tone boosted the recovery tone(cable seen providing

the recovery lead as it broke back above $1.26) taking rate to $1.1325 ahead of

the 1600BST fix. USD demand emerged at the fix which pressed EUR/USD off highs,

settling back around $1.1300 at the Europe close. Equity markets provide the

barometer for risk and expected to continue to do so next week as earnings

become a focus, large cap bank results the main interest. ECB monetary policy

decision not expected to make major waves.

- Support $1.1275, $1.1255/50. Resistance $1.1325/27(intraday high/61.8%

$1.1371-1.1255), $1.1345/50, $1.1371.