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Single currency plumbing new lows here and.....>

EURO
EURO: Single currency plumbing new lows here and narrowing the gap with those
October lows and key support at 1.0879.
- Few factors behind the sell-off:
1. EUR's role as a funding currency in EMFX trades coming under the spotlight
again (As highlighted in the WSJ this morning)
2. This morning's woeful industrial production number was the 14th straight YoY
decline and the joint worst since the financial crisis. Follows our sources
story yesterday suggesting the ECB could act on policy sooner if data
deteriorates materially. IP was a December read as well... Likely to get uglier
when the January print rolls around

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