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EUR & GBP To Fresh Highs Early Doors

FOREX

The USD is on the back foot early doors in Asia Pac trading. EUR/USD got close to 1.0130, which is above Friday's highs, before dipping. We were last at 1.0090, still +0.50% above NY closing levels. This has helped drag other pairs higher. GBP/USD got through 1.1650, also above highs from Friday, we are back around 1.1630 now. JPY has been a laggard though, with USD/JPY down close to 142.00 in early trade but now back to 142.45/50, which is basically unchanged from closing levels last week. AUD (last 0.6835/40) and NZD (0.6105) are slightly weaker since the open, perhaps owing to EUR cross flows.

  • EUR strength may be due to a host of ECB stories from the weekend. A Reuters story flagged the risk of the ECB having to raise rates to 2% or more. This is broadly in line with current market pricing. The other positive development was a fresh Ukraine offensive in the east of the country, which is making progress in an area occupied by Russian forces and a clear setback for the invasion.
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