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EUR/USD Prints a Fresh Low Despite Pullback in 10y Yield

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  • Despite the 10y yield rally running out of steam, dragging 10y off the 4.0458% high, the greenback is printing further gains against the EUR and helping EUR/USD press below the 50% retracement of the Wednesday rally.
  • 1.0614 marks the next intraday support, with the Monday high also failing to slow any decline.
  • The inching lower of EUR/USD has been on very light volumes, suggestive of smaller, more frequent clips rather than fewer, larger trades pressing prices at this stage.
  • A speech from ECB's Schnabel draws focus next, appearing just after the publication of the ECB accounts. Schnabel speaks at the Money Market Contact Group.

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