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EUR/USD: A quiet week of economic data could keep pair range bound

The EUR/USD closed the day down 41 pips at 1.3072. The pair is still searching for direction and given the upcoming week is much more quiet as far as economic releases are concerned the trading range nature of the pair could continue. There were a couple of economic reports released during the previous European session worth mentioning including Retail Sales which came in at -2.4% actual vs. -1.9% estimate, and number of Market Services PMI figures.
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RBA cut rates to 2.75, lowest since records began in 1959

The RBA just cut the cash rate to 2.75% or to the lowest level on record, with figure dating back to 1959. The central bank said the cut needs to encourage sustainable growth.
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