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EUR Takes a Rare Dip

FOREX

Uncharacteristically, the single currency is lower early Wednesday, with EUR/USD dipping well back below $1.19 as markets eye comments late yesterday from ECB's Lane, who stated that the EUR/USD rate "does matter" in a speech late yesterday. This has prompted a decent turnaround in the pair, which crested at multi-year highs above 1.20 just yesterday.

The greenback is mixed, with currencies taking relatively little cue off equities, which continue to drive higher across both European and US markets this morning. The e-mini S&P has already hit a new alltime high Wednesday and is pointing to further strong gains at the cash open later today.

SEK is the best performer in G10 at present, which keeps EUR/SEK pinned close to last week's lows. A break below 10.26 in EUR/SEK opens multi-month lows at 10.2165.

ADP employment change is the calendar highlight today, with markets seeming to pre-position positively for this Friday's NFP report on the back of better-than-expected ISM manufacturing data yesterday. US factory orders are also due as well as a litany of central bank speakers including BoE's Bailey, ECB's Weidmann, Fed's Daly and many more.

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