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Traders Waiting on US Data
The US dollar has been higher over the European morning so far on Wednesday. Some of the losses posted on the back of a weaker-than-expected manufacturing reading on Monday have been recovered. Later today, traders will get the ISM Non-Manufacturing reading. As this indicator reflects a much larger portion of the economy, there is the potential for further volatility. The USD index is currently testing the 97.69 level from above.
EUR Lower on USD Recovery
EURUSD has been lower again, weighed on by the recovery in USD. A very quiet week for Eurozone data is keeping EUR flows linked to USD action for now. Earlier in the week, new ECB head Lagarde told European parliament that the ECB will remain resolute in its goal of achieving 2% inflation. Lagarde’s comments have further encouraged the market view that the ECB will ease again in the coming months. EURUSD trades 1.1073 last.
GBP Breaks Resistance
GBPUSD has softened a little over the early European session to...
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