There has been limited net direction among the main currencies so far today as the London interbank opens. EUR-USD has lost upside traction, with the pair reverting to a narrow oscillation of the 1.1700 level. Euro crosses have also flattened out after rallying over the last week on the shifting Italian political situation. USD-JPY posted a fresh high at 110.0 before capping out, concurrently with a sputtering in the global stock market rally. Data today showed a third consecutive month of shrinking household spending in Japan, although the figures had little impact on the forex market.
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