USD under pressure in Asia as markets...>

EURO-DOLLAR: USD under pressure in Asia as markets reacted to the downside

pressure in equity markets, led by the tech sector, with Trump comments again

criticising recent Fed policy to raise rates, provided the fuel. EUR/USD had

pulled back to $1.1515 in late NY, off an intraday high of $1.1545, but was

recovering into the close. This recovery extended in Asia to $1.1542 before it

burst through Wednesday's high and on to an eventual high of $1.1572. Asian

traders suggested the move higher was stop driven. Rate eased off to $1.1552

into Europe, currently around $1.1560. Late Asia session comments from Italy's

economics spokesman Borghi that he expects the EC to reject the Italian budget

plan provided some negative counter. Focus on US CPI data at 1230GMT. Italy

budget concerns continue in the background though focus turning to equity market

performance following the sharp fall in NY, which rolled over into Asia. Early

signs of risk aversion with turnover in FX said to have increased. Expectations

markets could prove volatile in current nervous conditions. Resistance noted

into $1.1580/85. Support $1.1515/00. Decent sized option expiries for today's NY

cut noted at $1.1500(E1.76bn), $1.1600(E1.58bn).