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EUR/USD edging off the lows as IFO report looms

Earlier this morning the EUR/USD hit a session low at 1.0454. It is edging off that low now though and being helped by another relapse towards 155 in the USD/JPY. The USD/JPY has now fallen nearly 100 pips below its earlier high. So, as usual that has allowed the EUR/USD some breathing space to rise. That modest rebound comes ahead of some reasonably important German data. That comes at 9am GMT and it is the latest IFO business climate index. The markets are expecting  the IFO index to edge a little higher in January, from 84.7 to 84.8. A report on the actual outcome and its component parts will follow once the data is released. The EUR/USD is right now at 1.0475

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