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EUR/USD still held in check by ECB rate cut prospect

As mentioned here many times already, the ECB is widely expected to lower all of its benchmark rates by 0.25% tomorrow. So, despite the woes facing the US dollar most recently, that prospect has been holding the Euro back. Perhaps were it a different story, then the Euro might already be north of the 1.10 handle by now. Well, it is not and the prospect of an ECB rate cut has served to counter corresponding falls in US yields over the past week. The EUR/USD was unable to make headway yesterday after the JOLTS data would have suggested it should have. The EUR/USD has seemingly been stymied by a rebound in the USD/JPY so far today too. The EUR/USD closed in the US last night at 1.0879. The range seen so far today has been covered by 1.0876 to 1.0886 and that is very tight by any measure. The EUR/USD is currently trading at 1.0879 

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