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The early move back under $1.2200.......>

EURO-DOLLAR
EURO-DOLLAR: The early move back under $1.2200 encountered fresh dip buyers,
rate pared losses and managed to grind out a fresh high of $1.2217. A quiet
start across the board in Europe has seen most major currency pairs consolidate
in narrow range trade which is hardly surprising with the muted calendar today.
Next resistance is seen at $1.2225 (38.2% $1.2323-1.2165). Last $1.2211.
- At 1430GMT EU ECB Executive Board member Benoit Coeure participation in
concluding panel at joint conference of IMF and Deutsche Bundesbank "Germany -
Current Economic Policy Debates", in Frankfurt .

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