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* Over-riding theme in Europe has been one....>

FOREX
FOREX: * Over-riding theme in Europe has been one of consolidation and
moderation as EUR/USD, GBP/USD and USD/JPY have retreated from yesterday's
respective highs and lows, allowing the USD to regain some poise. This has seen
EUR/USD pullback to $1.2040, GBP/USD to $1.3590 and USD/JPY to Y112.30.
* Datapoints have proved uninfluential this morning, despite Germany's
unemployment rate falling to an all-time low as volumes are dimmed by Japan's
second consecutive market holiday and traders scratching their heads over MiFID
II impacts.
* Continued strength in the commodities complex, particularly energy, has seen
AUD outperform, which continues to threaten the 2018 highs of $0.7845 despite
both the EUR and GBP lagging.
* Slowing construction PMI from the UK added further weight to the pound (52.2
vs. Exp 53.0) and allowed EUR/GBP to recover from lows of Gbp 0.8848 ahead of
the NY crossover.
* FOMC minutes will take the focus of the US session, with ISM Manufacturing and
Construction Spending data also due.

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