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Euro/dollar: European open $1.1629,....>

EURO SUMMARY
EURO SUMMARY: Euro/dollar: European open $1.1629, range $1.1629-1.1657, NY open
$1.1642, range $1.1607-1.1643
*Dropped back from $1.1640 to $1.1607 on reaction to the stronger
than forecast US ADP release.
*The release of weaker than expected US October ISM Manufacturing
witnessed the dollar lose some ground with the rate moving towards $1.1625.
*As the dollar continued to lose ground post US ISM MFG, the rate
grinded towards $1.1640 before slipping back towards $1.1630.
* A wave of broad based dollar demand at the 4PM WMR witnessed the
rate drop towards $1.1615.
*Broad based dollar selling as traders squared up ahead of the FOMC
saw the rate grind towards $1.1630.
*A muted reaction to the FOMC in NY, the dollar came under a little
pressure with the rate rising towards $1.1640.
*Profit takers emerged towards the NY close with the rate dropping towards
$1.1615.

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