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EUR ebbs higher, but nothing impressive.......>

FOREX
FOREX: EUR ebbs higher, but nothing impressive given recent dollar move
-The greenback saw some firm support as US 10yr yields breeched the 3% level for
the first time since 2014 at the NY crossover, helping lift USD/JPY to
multi-month highs and back above Y109. The move, however, was short-lived as
higher yields and a poor set of bluechip earnings weighed on equities from the
off. Most major US indices traded lower by as much as 2% at some points in the
session.
-As a result, USD/JPY recoupled with stock markets, pressing the pair back
toward the Y108.50 level and helping relieve the major pairs (particularly
EUR/USD) from the day's lows.
-NZD/USD had another poor session, extending the losing streak to six
consecutive trading days as a balanced set of Australian CPI figures led to more
demand for AUD/NZD throughout the Asia session.
-Tomorrow, data is particularly light, leaving focus firmly on Thursday's ECB
rate decision and Friday's advance US GDP figures. Tomorrow also sees BoC's
Poloz and Wilkins appearing in Senate.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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