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China Property Tax Implementation Inevitable: Yicai


Holding Lower

EURO SUMMARY: Euro/dollar: Europe open $1.1818, range $1.1792-1.1838, NY open
$1.1799. range $1.1770-1.1801
*Reversal gained momentum through $1.1810/07 as rate extended lows to $1.1792.
*A fresh wave of dollar demand at the NY open witnessed the rate drop
to a new intra-day low of $1.1787 before dip buyers emerged pushing the rate
towards $1.1800.
*A wave of dollar buying, as geo political concerns subsided and
gold and oil fell witnessed the rate fall to a new intra-day low of $1.1785
before momentum faded, pushing the rate towards $1.1795.
*The euro under renewed pressure extended sharp slippage to
print fresh daily lows of $1.1770, before bouncing back towards $1.1790.
*Broad based dollar demand in reaction to Dudley's comment "he backs
another hike in 2017 if economy evolves as expected-BBG" has seen the rate drop
towards the intra-day low of $1.1770.
*Broad based dollar pressure, as profit taking started, witnessed the rate grind
towards $1.1790 into the close.