Updating time : 08/10/2008 00:33 GMT

EUR/USD - 1.3565 ... The single currency rebounded briefly to 1.3624 in
Asia after RBA's aggressive 1.00% interest rate cut b4 retreating to 1.3515 in
European morning. Due to Fed's latest measures of buying commercial paper to
calm market tension, euro was able to rally to 1.3743 in U.S. morning on active
cross buying in euro (eur/jpy rebounded to 141.08), however, investors sold euro
again on speculation that the global economy will step into recession although
Bernanke later signalled policy makers are ready to lower interest rates.

Euro's strg retreat fm 1.3743 suggests corrective rise fm 1.3444 has
formed a temp. top there n consolidation with downside bias wud be seen, however
, a firm breach of 1.3515 (European sup) is needed to confirm recent downtrend
has resumed n yield re-test of said low, below wud extend weakness to 1.3321
(61.8% r of 1.1640-1.6040) later.

Today, selling euro on recovery is favoured n only abv 1.3743 wud bring
stronger retracement of recent decline to 1.3819 (38% r of 1.4426-1.3444) but
reckon daily res at 1.3915 shud remain intact...

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