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EUR/USD stages impressive recovery off........>

FOREX
FOREX: EUR/USD stages impressive recovery off two-year lows
-A wave of risk selling alongside the Wall Street opening bell sent EUR
spiralling against most others as the greenback gained. This resulted in EUR/USD
bottoming out at $1.1107, the lowest rate since May 2017. Markets managed to
claw back all the losses, however, with a turn lower in the USD index following
US 10yr yields being squeezed to multi-year lows. As a result, EUR/USD recouped
the $1.1150 level and remains on track to close positively for just the second
session in nine. Newsflow was relatively thin, but a particularly poor set of
May PMI numbers coincided with the start of the dip in the greenback, with the
composite index the lowest since 2016.
-JPY enjoyed another strong session, allowing USD/JPY bears to re-target the May
lows at Y109.02. The risk-off flows also favoured the CHF, which now eyes
100-dma support. Commodity markets were offered throughout Thursday, with WTI
and Brent futures lower by as much as 5% as global sentiment soured further.
-Japanese CPI, UK retail sales and US durable goods numbers are the highlights
Friday. ECB's Nowotny is also due to speak.

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