The dollar came off the boil during the London AM session after posting fresh gains in Asia. USD-JPY was an exception, having dipped quite sharply at the Tokyo fixing (on netted out corporate demand for yen), posting a low at 107.15, before recouping. EUR-USD recouped toward 1.2300. A miss in the February German Ifo business confidence, which dove to a headline reading of 115.4 from 117.6, the lowest reading since last September, had only a fleeting negative impact on the euro.
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