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Over-riding theme in the European morning.....>

FOREX
FOREX: Over-riding theme in the European morning was one of consolidation and
moderation as EUR/USD, GBP/USD and USD/JPY  retreated from yesterday's
respective highs and lows, allowing the USD to regain some poise.
- The arrival of New York did not offer any direction or interest until the
release of better than expected US Dec ISM manufacturing data saw the dollar get
a lift across the board with eur/usd dropping to session lows of $1.2004 before
paring gains and usd/yen printed a high of Y112.50 ahead of the release of the
FOMC minutes. 
- The dollar pared back some of its gains ahead of the FOMC with eur/usd and
usd/yen moving away from their respective highs and lows.
- The release of somewhat hawkish FOMC witnessed a wave of dollar demand with
usd/yen printing fresh highs of Y112.58 and eur/usd dropping to new lows of
$1.2001

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