The euro is opening Europe firmly, with EUR-USD testing the week’s highs at 1.1690-91, EUR-JPY posting two-day highs above 129.35 and EUR-CHF ascending into three-week high territory. The dollar, outside the case against the euro, has been trading neutrally, including against most emerging world currencies. The PBoC continued to rein in the yuan, with the offshore USD-CNY rate of 6.6478-80 holding below Tuesday’s 11-month low seen at 6.7344. USD-JPY continued to orbit the 110.50 level. The stability in currencies belies a heightened state of concern about trade protectionism, with the U.S.
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