The recovery off Asia traded lows.......>

EURO-DOLLAR: The recovery off Asia traded lows ($1.1765) extended into Europe,

rate squeezed to $1.1782 but with lack of follow through drifted. A break back

above $1.1800 can look to challenge resistance at $1.1811/12 (38.2%

$1.1940-1.1730, Dec11 high). Last $1.1779.

* On the European calendar main highlight today from German ZEW data, scheduled

for release at 1000GMT.

* Later, ECB President Mario Draghi speaks at 1900GMT, although the comments are

not expected to be policy related.

* Option-expiries: $1.1700(E243mn), $1.1820-30(E619mn), $1.1850(E420mn),

$1.1860(E616mn), $1.1900(E1.22bn).