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Dollar falls further following lower Richmond Fed index- EUR/USD lifts above 1.11
The EUR/USDS was already rising to test the next, noted resistance level at 1.1081, when the latest reading of the Richmond Fed index sent it higher still and dented the dollar versus the European currencies even more. That has now seen the EUR/USD take out any possible resistance at 1.1081 and rise above 1.11. The high seen just now was set at 1.1109. The impact of that move has sent the USD index (USDX) sharply lower too and of course that has now established a break below 101.42, by now falling close to the 101 handle. The Richmond Fed index fell to -11 from a prior reading of -5, where an improvement to -3 was forecast. The other factor to take note of here is the clear cut selling in the dollar as we now approach the 4pm London fix. This was something that was highlighted here earlier this afternoon. The EUR/USD is currently trading at 1.1104
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