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Forex: Dollar weaker early on

The US dollar weaker into the European session, most notably against the euro, which has seen EURUSD move up to levels last seen mid-March.  Sterling has been slower, but has pushed through the late 2009 high of 1.6878 which puts the August high of 1.7043 at the next key level to target.  Firmer services PMI data this morning has been supportiving, rising to 58.7.  There are also signs that the housing market continues to improve and this causing more questions regarding the sustainability of the Bank of England’s forward guidance on rates. We’ll get more on this with the release of the Inflation Report next week.

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