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Session Recap: Majors consolidate in quiet trading

The European session has been marked by slow trading, although the EUR/USD saw a short-lived EUR/USD spike toward 1.3380, mainly driven by cross buying (EUR/JPY, EUR/GBP). The pound remains under pressure below 1.5500, while the USD/JPY claimed back the 94.00 level after G20 members did not single out Japan but lost steam afterward. Looking ahead, trading is expected to remain subdued as US and Canada are on holiday.

Main Headlines in Europe (in chronological order):

Divergent economic fortunes collectively sap commodities

Bundesbank Monthly Report- rejects calls for Germany to loosen fiscal policy

Van Rompuy to present the EU budget at the European Parliament

ECB’s Nowotny- Forex markets “extremely volatile but no cause for concern”

European markets down in slow day after G20 weekend

Forex: EUR/USD calm and flat ahead as European morning ends

Aftermath of G20 takes yen lower – Deutsche Bank

Forex Flash: Euro strength differs from general market sentiment - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that the Euro has remained strong, even as the Yen and other currencies fell. However, it has still been trending lower since the start of the month and while he felt that the 1.3400 level would hold, it has not. Moreover, it appears that additional near term losses are likely.
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Forex Flash: USD/JPY confined to 92.20-94.00 range - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that for the better part of the past two weeks, the dollar has largely been confined to a JPY 92.20 and 94.00 range.
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