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Tuesday, November 28, 2006

EUR/USD: Firms Toward Highs after Weak Durables

EUR/USD has pushed into the high 1.3150s in the wake of weak durable goods orders. Central bank sales have been spotted in the 1.3150/60 region the last few minutes, helping slow the advance.

Fresh lows in US bond yields for the move near 4.51 and tightening interest rate differentials between the US and the Eurozone should help limit dips. Sellers are seen all the way up the 1.3200 level where barrier options are spotted. Momentum players will be buyers nonetheless. EUR/USD trades at 1.3158.

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