Trade through Asia contained within a...>

EURO-DOLLAR: Trade through Asia contained within a relatively tight range of

$1.2325/45. Early Asia had seen rate confined to $1.2333-45 before rate drifted

off to $1.2325 ahead of the European open. Rate currently trades around $1.2335.

Asian traders noted that technical accounts show interest to fade Eur/Usd

rallies post ECB but see decent support underpinning below current market in the

$1.2280/70 area. Focus set firmly on the release today of US CPI (note release

at 1230GMT due to the weekend clock change in the US). Market median 0.2%mm,

2.2%yy; core 0.2%mm, 1.8%yy. Deutsche Bank have remarked that the Usd has a

'poor track record' on CPI release day, irrespective of the data, adding that

Usd/Jpy has traded lower '13 times in a row', with similar action (12 out of 13)

also seen vs other major currencies including the Eur. Resistance seen from

$1.2345 through to $1.2360, a break to expose next band of technical resistance

between $1.2385/1.2410.