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Forex Flash: Cap on EUR/USD confirmed – UBS

On Wednesday the EUR/USD and EUR/JPY were about to regain pace for a further rise as investors tried to assess the consequences of the G7 statement, according to the UBS analyst team.

"However, ECB head Mario Draghi, capped the rise with statements in the deutsche Bild-Zeitung that were similar to statements made at the press conference last Thursday: A pronounced rise of the euro would significantly hurt the growth outlook in peripheral countries and question their efforts to consolidate their finances", they commented.

Forex: AUD/USD clings to gains around 1.0350

The Australian dollar continues to trade inside a narrow range versus the greenback after an upside attempt was capped by the 1.0360 zone during the Asian session and the subsequent decline contained by 1.0315.
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Session Recap: Euro's overall sentiment continues bearish

The US dollar is trading mix against its major rivals, recovering ground against the Euro and the Pound bud negative facing the Japanese Yen and the Swiss Franc. The British Pound suffered in the weak of BoE king comments, saying the UK faces a further bout of inflation and a muted economic recovery.
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