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EUR little changed on stronger IFO

The German IFO survey was stronger than expected at 111.2 (expected 110.4) but the single currency has shown only a limited reaction, slowly nudging to the 1.3840 level. The lack of reaction reflects the fact that the focus for the market is much more on the prices side and the risks prices falling further, which will be where the ECB focus is at next month’s policy meeting.

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