Tuesday's early downside pressure.......>

EURO-DOLLAR: Tuesday's early downside pressure found support at $1.1346 before

rate edged back to $1.1367. Rate came under fresh sell pressure ahead of a

returning NY market(closed Monday for MLK day) before it was pressed down to an

extended low of $1.1336. Reported demand placed between $1.1340/30 acted to

cushion the base before rate recovered to $1.1374 into the European close.

Upside momentum faded and rate drifted back to $1.1352 before it closed the day

around $1.1360. Recovery, albeit slow, continued in Asia as rate edged its way

to $1.1372 into Europe. Resistance seen into $1.1375, a break of $1.1380 to

expose $1.1400-10. Support $1.1350 ahead of $1.1336/30.

- Davos sees appearances from IMF Lagarde and other European leaders. Data

calendar fairly light, EZ Consumer Confidence due at 1500GMT, median -6.5 (last

-6.2).

- Looking ahead - ECB delivers its MonPol decision Thursday. No change to policy

rate expected. Instead, the Bank's rhetoric re: the slowing EZ economy will be

in the spotlight. Elsewhere, EZ focus falls on flash PMIs from across

the EZ due Thursday & German IFO due Friday.