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Rate has now completely reversed the....>

EURO-DOLLAR
EURO-DOLLAR: Rate has now completely reversed the post-ECB move, rallying well
back above the $1.10 handle to trade at around $1.1025 last. The day's post-ECB
highs of $1.1069 still sit a way away, but markets have switched focus to gauge
the ECB tiering mechanism. We think that the 6x multiple on tiering is higher
than expected. We had looked for 4x as an example, which may be be what is
behind the sell-off in the front end of the Euribor strip, helping bolster EUR.

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