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The USD largely remained in consolidation.....>

FOREX
FOREX: The USD largely remained in consolidation mode as focus turned to the
political situation in Italy. A raft of headlines hit the wires throughout the
session, the main one from League's Borghi said cancellation of Italian debt is
not on the coalition government programme. 
- EURUSD squeezed to $1.1820 on react and has revisited these highs after some
choppy trade. 
- GBPUSD has broken above resistance at $1.3500 in early Asian trading as EURGBP
heads towards support around 0.873.
- USDJPY trades at the upper end of its 110.05-110.45 range, pressured by the
ongoing rise in US/JP rate differentials. The positive news out of Italy saw
EURJPY bounce hard off 129.50, spiking to 130.35, where it currently sits. 
- A relief rally ensued across EM and Gold, helping AUD and NZD pare some recent
losses, with the Aussie back into the upper end of its May range and Kiwi rising
0.8% off its lows to trade at 0.6909. AUDNZD continues to trade around its
200DMA at 1.0888. 

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