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Wednesday, December 13, 2006

EUR/USD: Greenback Rallies as Retail Sales Surprise on Topside

EUR/USD has come lower in its range as US retail sales rose strongly in November and October sales were revised higher. Sovereign bids have helped temper dips the last several sessions and dealers will be very tentative about selling EUR/USD aggressively. Stops are eyed in the 1.3210 level with longs hoping for protection from Russia, China and OPEC nations. EUR/USD trades at 1.3215 as US yields rise.

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