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Forex: EUR/USD backs away from highs

FXstreet.com (Córdoba) - The euro lost momentum after rallying to a fresh 2-month high against the greenback in the wake of disappointing US employment data. However, as investors assess the figures, risk aversion started to sharpen, allowing the USD to recover some ground.

EUR/USD peaked at 1.3242 but failed to break higher and pulled back to the 1.3205 area before finding support. At time of writing, the cross is quoting around 1.3210/15, where it posts a 0.4% daily gain.

Ahead of the Fed monetary policy decision, sour employment data adds to bank's case to maintain an ultra-loose policy and offers some downside risk to Friday's payroll number. ISM Manufacturing PMI is scheduled for 14:00GMT.

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