EURO SUMMARY: Opened in early Europe around $1.3334
-- Euro-dollar closed in NY at $1.3320, with rate under early pressure
into Asia on reported fund sales. Stops below $1.3300 were targeted
and triggered (Thurs low $1.3304) taking rate to session lows of
$1.3286. Reported Asian sovereign demand interest prevented further
losses and allowed rate to drift higher, the late session spike in
dollar-yen (suggested intervention but not confirmed) took euro-yen
higher with it and euro-dollar to session highs of $1.3356. Rate
dropped back to $1.3312 only to recover back to $1.3350 before
settling between $1.3330/40 into Europe. Rate was squeezed back to
$1.3312 in early Europe before Asian sovereign, book-balancing, buys
emerged to take rate back to $1.3335. Rate was pressed down to
$1.3304 ahead of the Ifo release, recovering to $1.3315/20 into
release. Stronger than expected data spiked rate through overnight
highs to $1.3377, extending move to $1.3398 on secondary buys. Major
NY name buys cited for taking it to $1.3433 late morning.