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Greenback Extends Decline, EURUSD Tops 1.12

USD
  • The ongoing greenback weakening trend is showing zero signs of abating as the USD index (-0.63%) presses fresh session lows as the European session comes to a close. While the moves across G10 have centred around the substantial strength for higher beta ccys, there has been a consistent grind higher for the Euro, with EURUSD crossing 1.12 as of writing, the highest point since March 2022.
  • The immediate focus is on 1.1211 here, a Fibonacci projection point, before a retracement level at 1.1274 and the February 24 2022 high at 1.1313.

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