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Rehn comments sends EUR/USD backwards
The ECB council member Olli Rhen has just stated; that the ECB should not rule out larger interest rate cuts. That is a pretty dovish statement and it has for the time being derailed the EUR/USD rebound. The Euro was looking like it could push back above the 1.14 handle in the absence of anything to stop it. Well, it has now dropped back on this comments and that has undermined the better than forecast IFO news, which helped to push it higher in the first place, That said, the impact is dissipating quite quickly and once again this is just another in a long line of personal opinions that ultimately may count for not much. We shall see on that. The EUR/USD is just now at 1.1372
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