The Dollar gave back some of the gains seen yesterday, concomitantly with a correction in global stock markets as participants took a more circumspect view of the weekend’s declaration of a truce between the U.S. and China. EUR-USD climbed back above 1.1300, driven by about two parts Dollar weakness and about one part Euro outperformance, with the common currency managing to eke out gains against the Yen, Swiss Franc, Sterling, and a number of other currencies today, before sub-forecast Eurozone PPI data provided further dovish fodder for the ECB board.
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