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JPY snaps losing streak and USD gains again...>

FOREX
FOREX: JPY snaps losing streak and USD gains again
-After a largely uneventful and unchanged ECB rate decision and subsequent press
conference, markets resumed their recent trade of buying the dollar alongside
the Wall Street open to bring EUR/USD and GBP/USD down from the day's highs.
With the exception of the JPY, the USD rose against all others in the majors
despite a pullback in US 10y yields which dropped just back below the 3% mark on
stronger durable goods numbers that may support GDP figures due tomorrow.
-EUR rallied to highs of $1.2210 as the Draghi's press conference appeared
upbeat, but the rate quickly reversed course as the ECB president highlights
signs of economic weakness throughout the Eurozone in Q1. A full 100 pip
reversal to lows of $1.2098 followed before stabilising above $1.21. Tomorrow's
GDP, CPI and jobless figures from France and Germany may dictate direction into
the week's close.
-The SEK is considerably the poorest performer today after the Riksbank delayed
(again) their plans for policy tightening until the closing months of 2018.
EUR/SEK once again touched 9 year highs.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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