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EUR is underpinned

FOREX
  • The EUR is underpinned, whilst the USD is under pressure in early European trade.
  • The USD is taking its cue from the risk on tone, with big rallies in Asia,, after China declared that they will be pro active in supporting overseas share listing.
  • EUR has been underpinned, bid, following latest headlines from Russia Lavrov, noting that some formulations of agreements with Ukraine are close to being agreed.
  • This has contributed to some extensions in Equities and in turn the EUR.
  • Best early performer versus the USD is the SEK, with USDSEK testing lowest level since the 1st March, more a function of the USD's weakness, following the Risk On tone, and a continuation from the Asian session in Equities.
  • Next support area for the USDSEK is at the 28/02 low 9.4301USD is in the red against all G10, besides the JPY (trades flat), with the latter helped by the higher yield.
  • Looking ahead, all of the focus is on the FOMC and presser.
  • On the data front, US Retail sales is the notable release.
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