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EUR Only Grinds Lower
EUR remains on the back foot as we round off the week and is likely to stay on the defensive after this week’s massive cash injection by the ECB. The take-up by 800 banks of just over half-a-trillion EUR’s of ‘cheap’ cash (LTRO), an alternative form of QE, should be making it attractive to use the single currency as a funding currency to buy higher yielding assets. Recent price action is not aggressively pushing the EUR lower versus its emerging market compatriots just yet. Why not? The market does not seem to have the appetite to buy into the emerging currency crosses at these levels because positioning has ... (full story)
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