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Euro correction deepens as political risks resurface
The euro has stumbled upon some unexpected headwinds during the past month, taking some of the heat off the currency’s incredible rally this year. Soon after peaking at a 32-month high of $1.2092 on September 8, the euro entered a corrective phase, triggered by a more cautious-than-anticipated European Central Bank at its policy meeting on September 7. Expectations that the ECB would begin the process of winding down its massive stimulus program, receding political uncertainty after the French elections, as well as the unravelling of the Trumpflation trade have been the main drivers of the euro rally. However, ... (full story)