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EUR/USD stages sharp rally, nears 1.2900

FXStreet (Córdoba) - EUR/USD gathered momentum and broke above the 1.2800 level to hit its highest level in three weeks on the back of weaker-than-expected US retail sales and PPI data.

EUR/USD has rallied more than 200 pips over the last hours, leaving the 1.2800 mark well behind, and printed a peak of 1.2882 in recent dealings as the dollar extends the selloff across the board. At time of writing, EUR/USD is trading at 1.2865, recording an impressive 1.66% gain on the day.

USD came under strong pressure as investors seem to be pushing back expectations of a rate hike by the Fed in the light of recent data.

USD/CHF collapses to October lows below 0.9450

As the US dollar is trading depressed following bad US economic data, the USD/CHF is falling apart from 0.9550 and now it is pricing at lows since September 24 below 0.9450. In addition, EUR/USD negative correlation is supporting the movement as the unique currency is jumped above 1.2750 key level.
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USD/JPY falls below 106.00, down 160 pips

The yen is rising across the board and particularly against the US dollar. USD/JPY dropped further, broke below 106.00 and bottomed at 105.19, reaching the lowest price since September 8.
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