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Renewed USD Sales Tilt EUR/USD North of 1.09

CROSS ASSET
  • Another wave of USD sales helps boost major pairs to fresh intraday highs - putting EUR/USD north of the 1.09 handle and GBP/USD narrow in on 1.2550.
  • Move very much led by the dollar here, with markets looking through the soft ZEW release to catch up with the pull lower in US yields overnight. A recovery off the lows in most equity futures markets also helping pressure the greenback.
  • Volumes remain marginally below recent averages for this time of day across most major pairs - the outlier being GBP after the poor jobs data this morning - with activity just over 50% above the norm for 1000BST.

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