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Single currency buoyant on better French......>

FOREX
FOREX: Single currency buoyant on better French production numbers
-The EUR trades modestly higher ahead of the NY crossover as French industrial
production figures - not usually a market mover - garnered particular interest
following a firm beat on expectations. Both the M/M and Y/Y figures came in well
ahead of expectations (2.1% M/M vs. Exp. 0.3%), giving EUR/USD a decent shot in
the arm.
-AUD/USD has underperformed for a second session, pressing AUD/USD briefly
through key Fib support at $0.6915. Lower global equity markets are also not
helping the case for high beta FX, with NZD also in the red. The JPY, however,
has failed to pick up any safe haven bid, with USD/JPY still looking to make a
test on Y109.00 on any decent greenback breakout.
-Focus rests on the first testimony from Fed Chair Powell today. The text of his
opening statement will be released at 1330BST/0830ET, and the Chair will take
questions from the House Financial Services Panel 90 minutes later. The fun
doesn't end there, however, with FOMC minutes, the Bank of Canada rate decision
and a speech from Fed's Bullard also due.

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