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Forex Flash: EUR longs keep the momentum – Rabobank

The euro continues its correction lower on Monday, currently testing the area around 1.3560, as poor Spanish data and later disappointing figures out of the Sentix index seemed to have plotted against further upside so far.

According to the last CFTC COT, Jane Foley, analyst at Rabobank commented, “In view of the buoyancy of the EUR/USD exchange rate it is no surprise that EUR longs continued to push higher last week. They have reached their strongest level since early July 2011”. In addition, and regarding the greenback, the expert added, “Net USD longs edged a little higher again, moving a whisker above the range that has been maintained since mid-September 2012”.

Forex Flash: Political risks looming on European horizon – Deutsche Bank

The weekend news flow served as a timely reminder of the political risks looming on the European horizon. In Spain, Prime Minister Rajoy sought to assure the public after the newspaper El Pais alleged that the PM had benefited from illegal cash payments from a fund operated by a former treasurer. Rajoy emphatically denied the reports and pledged to provide "complete transparency" over his financial dealings.
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European markets and US futures down as week starts

The German DAX 30 (-0.60%), the French CAC 40 (-0.80%), the Italian FTSE MIB (-2.20%), and the Spanish IBEX 35 (-1.75%), like most of the European equity indexes as financial trading opens for the week. German Chancellor Merkel and Spanish Prime Minister Rajoy are meeting as of writing.
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