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EUR/USD Circling Key Support

FOREX
  • Currency markets are in flux early Thursday, with most major pairs trading within recent ranges amid a lack of major macro or news catalysts. EUR/USD is a slight stand-out, with the pair circling, but not quite breaking, the 1.18 handle. A break through here would be a considerable bearish signal, opening initially 1.1752, the 1.236 projection of the Jan 6 - Feb 5 - Feb - 25 price swing.
  • Antipodean currencies modestly outperform, with AUD and NZD higher, reflecting a minor bounce after recent slides. AUD/USD continues to trade on either side of the $0.76 handle, with yesterday's lows at $0.7580 needing to give way before the recent downleg resumes.
  • Focus turns to the data slate Thursday, with initial jobless claims and tertiary GDP data crossing from the US. Central bank speak also a highlight, with Fed's Clarida, Bostic, Evans and Daly all due as well as ECB's Schnabel & de Guindos and BoE's Bailey.
  • Central bank decisions also cross from the South African and Mexican central banks.
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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