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EUR/USD Pierces Weekly High, Shows Above 50-dma

EUR
  • In addition to the above, EUR/USD extends to new highs, with yesterday's best levels now comfortably cleared. In addition, the 50-dma has now been pierced at 1.0923, a close above which would be the first since November last year.
  • Moves largely being driven by the USD here, however single currency strength also noted via EUR/GBP, which has staged a solid recovery off the post-UK PMI low of 0.8536 and could snap the mini-downtrend posted off the late Dec highs.
  • Price action cements the USD as the poorest performer in G10, with the Index working against the Jan16 rally (losses below 102.750 would mark the close of this particular gap).
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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