The dollar firmness theme mutated into a specific EUR-USD weakness theme, with the pairing trading under the 1.1800 level for the first time since December while the dollar concurrent gave back some of the gains it saw yesterday versus the yen, Canadian dollar and other currencies. EUR-USD posted a five-month low at 1.1794. Euro underperformance also weighted on EUR-CHF, EUR-JPY and other crosses, linked to concerns about the Italy’s political evolutions, which seen the yields of Eurozone peripheral sovereign gap higher relative to the Bund yield.
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