Eur/usd - 1.2272 ... Wall Street Journal reported that the Fed cud cut the spread it charged the ECB for dollar swaps to relieve the strains. US 2-yr swap spread retreated sharply fm y'day's 13-month highs. The single currency continued to move higher fm y'day's low of 1.2177 to 1.2388 (NZ) on short-covering, following the strg rebound in U.S. equities (Dow Jones index fell by 291 points n then rebounded to close down by only 22 points). However, renewed selling interest by various accounts in Asian session pressured price again. Offers are now tipped at 1.2305/10, 1.2330 n further out at 1.2355/60. On the downside, some bids are located at 1.2240 n 1.2200 with stops building up below 1.2170 n 1.2135/40.