Risk was well in favour through the.....>

EURO-DOLLAR: Risk was well in favour through the European morning and into NY,

driven mainly by positive reports concerning COVID-19 vaccine progress, with

pressure on the USD allowing EUR/USD to break its early stall on approach to

$1.1450 before it extended to an eventual high of $1.1452, aided by strong

results from Goldman Sachs, into the Dow open. Strong reversal at the open

dropped rate back to $1.1410, held steady around $1.1420 through the 1600BST fix

before easing on to $1.1402 into the European close. Risk outlook only seen

dented with some demand noted into the US afternoon though market currently seen

steady as it holds above $1.1400. Expect demand to extend toward the earlier

intraday low of $1.1391, as well as the late hourly lows of $1.1387 seen

Tuesday. Risk continues to be the dominant driving factor, ECB Thursday provides

event risk along with the approaching weekend Extraordinary European Council

Summit with hopes for a EU Recovery Fund breakthrough. 

- Resistance now seen at $1.1452/60, a break to expose the YTD high of

$1.1495(Mar09).