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Takes a sharp knock lower, drops from...>

MNI (London)
EURO-DOLLAR: Takes a sharp knock lower, drops from above $1.2420, through the
earlier Asian base of $1.2398, NY base of $1.2394 before meeting some demand
around $1.2388. Next support seen at $1.2383(61.8% $1.2276-1.2555). Move looks
to haver targeted any stops interest, placed below Friday's low of $1.2394,
though recovery effort remains laboured holding so far below $1.2400. Expect
some early gyrations as traders likely to take advantage of thin holiday
markets, Lunar Year Holiday in China continues, along with holiday's in the US
and Canada. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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