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Dollar index takes another step backwards as Euro and Pound advance versus the dollar

Further to the previous update nothing the rebound in the major Yen crosses, both the GBP/USD and the EUR/USD have just ratcheted higher again. The EUR/USD has just lifted to around 1.0330 and the GBP/USD has come close to 1.2225. The main reason once again is all due to the corresponding rebounds in the GBP/JPY and EUR/JPY and as the USD/JPY edges back a bit that has left room for both the EUR/USD and GBP/USD to advance. As to how much further that extends remains to be seen. However, what this has done, is to dent the dollar index (USDX). Earlier the index lifted to 109.40 just as the US data beat expectations. The index is now falling back below the 109 handle once more and it might extend on the downside if it takes out the prior low seen much earlier today, at 108.89. 
 

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