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Forex Flash: Dollar Index trading at 2013 highs - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the Dollar Index is trading at new 2013 highs, encouraged by the continuing sell-off of the yen and the weaker than expected euro area GDP, which contracted by 0.2% in Q1.

However, they add that the dollar's upside momentum appears to be stalling a bit and Japanese investors did not extend the yen's decline seen in North America yesterday. However, Europe did and managed to run the stops and barriers believed to have been struck near JPY102.50. They write, “It has since begun consolidating. Sterling edged below $1.52 briefly and has since recovered on the back of an optimistic BOE Quarterly Inflation Report. Similarly, the euro was sold down to just below $1.2890 in early European turnover, but did not make a new low following the GDP report.”

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