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Euro weakening on data

EURUSD weakening into midday as data falls to the weaker side and the softer tone to the dollar seen earlier on in the session proves transitory (most against the Aussie and sterling). German labour market data was weaker, with (more significantly) revisions also showing higher unemployment than before. Italian business confidence fell to 95.7, with Eurozone confidence data also softer vs. expectations. EURUSD now back below the 1.32 level with cable at 1.6580. FX likely to remain slightly more volatile into the end of the week, as month end induces greater position squaring and adjustment from institutional players.

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