Wednesday December 23, 2015 - 16:07:15 GMT
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EUR Crumbling Into Christmas Break
Wednesday has been the last pre-holiday session for a number of key markets. Reduced dealer participation has been evident today and we expect all markets effectively to be closed by noontime on Thursday. The EUR, which was in demand Monday and Tuesday as shorts were closed, has seen significantly less demand today. Especially, the EUR cross demand out of the GBP is significantly reduced.
The EUR is also being undermined by higher global equities and oil prices. As a carry trade financing currency, higher share prices tend to undermine the unit. This could bode poorly for the EURUSD at the start of the New Year if equities hold firm.
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