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EUR/USD looks to snap key resistance for......>

FOREX
FOREX: EUR/USD looks to snap key resistance for first time in over 2 years
-The single currency extended its impressive recovery from the post-Draghi lows
Friday, rallying close to 1.5% from the Tuesday lows as the USD index slipped
for a third session. EUR/USD now looks on track to crack through the $1.1351
200-dma which would be the first break of this resistance since April 2017. A
firmer set of PMI numbers for June across France, Germany and Eurozone showed
the services sector in particular humming along well, nudging the EUR to the top
end of the G10 pile Friday.
-JPY was the weakest as markets took profit on a decent rally this week, but
Thursday's highs in USD/JPY never looked particularly threatened.
-The CHF extended its recent spell of outperformance, with markets appearing to
make the judgement that the SNB have very little monetary gunpowder left to fire
should the Fed and ECB pull the trigger on stimulus.
-Focus for the coming week turns to the G20 summit, German IFO data and regional
CPIs, Canadian GDP, and MNI Chicago PMI. Fed's Powell is due to speak on Tuesday
alongside a number of other Fed speakers and BoE's Carney is due on Wednesday.
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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