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A slow, steady to start to Asian trading......>

FOREX
MNI (London)
FOREX: A slow, steady to start to Asian trading before EM currencies began to
lose ground, led by USD/TRY and USD/ZAR. Traders have suggested Turkey Erdogan
upping the ante as he raises taxes on imported US electronics. USD/JPY initially
edged to an extended high of Y111.43, having cleared offers through the
Y111.30's, but move in EM reversed tack and rate eased off to Y111.13. EUR/USD
was pressed to a fresh YTD low of $1.1320, though had met decent support from
around $1.1327. Cable and AUD/USD also recorded fresh yearly lows, NZD/USD
touching a 30-month low. Underlying tone remains heavy ahead of the European
open. After a calming in the Turkish crisis Tuesday it looks to have come back
to the fore with the spill over effects seen in EM and into DM. Market will be
on headline watch, especially for US reaction to Turkey actions.  
- UK Inflation data due at 0830GMT, alongside RPI and PPI. US Retail Sales
provides early focus into the afternoon at 1230GMT. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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