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Forex Flash: EUR shorts consolidated last week – Rabobank

FXstreet.com (Barcelona) - The shared currency is now attempting to retake the 1.30 handle as risk appetite seems to be waking up. Ahead in the day, the ongoing USD rally would be under pressure as the US retail sales will be the main risk event.

In the opinion of Jane Foley, Strategist at Rabobank, and according to the last CFTC COT report, “The level of EUR shorts retains a consolidative tone. The ability of positions to shrug off last month’s ECB rate cut suggests the market may be well positioned to absorb further easing talk”.

Session Recap: Dollar eases but remains strong

The US dollar has continued to consolidate last week's gains versos its main competitors in a quiet Monday session. The EUR/USD managed to reverse earlier losses but remains capped below the 1.3000 mark. The cross fell to lows after comments from Italy's central bank governor Visco saying that the ECB could cut deposit rates below zero.
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The cross is expected to remain on the side-lines while the dollar has taken centre stage.
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