Sank to an extended low of $1.1056 on...>

EURO-DOLLAR: Sank to an extended low of $1.1056 on market disappointment with

ECB announced measures at Thursday's announcement (albeit a sizeable package

targeting credit provision), some highlighting Lagarde's comment that the ECB's

role is not to close spreads in sovereign debt markets. Thursday's meeting

reinforces the view that ECB rates will be on hold for some time to come. Rate

did manage to recover to $1.1227 before closing the day at $1.1186. Early

consolidation in Asia before rate touched a low of $1.1152 before recovering,

the move up seen driven by EUR/JPY demand with position adjustments providing an

added lift to take rate on to $1.1221 (though fell short of Thursday's recovery

high of $1.1227, seen off the low of $1.1056). Rate settled around $1.1200 into

Europe. Weekend approaching and position adjustments likely. COVID-19 remains

the key driver with markets awaiting further action from authorities to help

steady markets. 

- MNI Techs, outlook remains bearish, a break of $1.1052 would set scene for a

deeper sell-off, exposing $1.1003(Mar02 low). Key resistance for now is

yesterday's intraday high of 1.1333.