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Session Recap: USD mixed. Range trading prevails

Following a long-weekend in the US, FX markets resumed full volume trading but consolidative moves prevail. Sentiment received a boost in the wake of stellar ZEW survey, but wasn´t strong enough to take EUR/USD out of its recent range. While the pound remains vulnerable amid chatter of a possible UK downgrade, the yen strengthened versus the euro and the dollar. The Aussie rose after the RBA minutes, but Loonie´s weakness persisted, with USD/CAD reaching a 7-month high.

Main Headlines in Europe (in chronological order):

Commodities Brief – Precious metals hold onto Asian gains amidst modest rise

Spanish T-Bill auction results – top end of target

Spain meets top end of target at bond auction

Germany: ZEW Survey – Economic Sentiment rises to 48.2 points in February

EMU: ZEW Survey – Economic Sentiment climbs more than expected in February

EMU: Construction Output declines 1.7% in December

French President Hollande -”must give Greece every chance “

European markets cheer positive ZEW survey

Rehn proposes loosening deficit targets for distressed Member States

Bundesbank’s Weidmann – G20 communique important signal that economic weakness can not be fought with protectionism and currency manipulation.

UK unlikely to be downgraded before budget

American equity markets open positively after long weekend

The US Stock market experienced a green opening Tuesday as American investors return to work following the brief respite that was Presidents Day in the United States. The paramount focus will surely be the looming debt ceiling negotiations and the impending March 1 date, which is scheduled as the point where a sweeping number of tax cuts will trigger.
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