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EUR moving higher on Spanish HICP

EURO SUMMARY
  • We have not seen too much reaction in the Euribor market to Spanish HICP which has come in 6 tenths above expectations - but this has helped trigger a more pronounced move higher for EURUSD above Friday's high of 1.1173.
  • This has also driven EURCHF to its highest level since 18 January, breaking above the 50% retracement of the January 11 to January 24 move which came in at 1.0406. The 50-dma is still providing resistance at 1.0410.

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