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Wednesday, May 23rd
The EUR/USD pair resumed its downside trend, having refreshed 5-month lows in the vicinity of 1.1700 level, due to disappointing German data. Yesterday the pair tested the region of 1.1830, as US bulls eased pressure on the pair, having taken a brief breather. However, the major failed to keep its positive tone and came under bearish control due to uncertainty on the political field of Italy. Markets remain worried that new populist government's fiscal policy will negatively affect the economy of Italy. Furthermore, weaker-than-expected German PMI figures, published this morning, also had a negative impact on the pair, forcing it to drop to its recent lows. Now all markets’ attention shifts towards the US data and FOMC meeting minutes, which will help the pair to determine its further direction during the NY trades.
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