Forex - EUR/USD, USD/JPY Flows: US data fails to impress, Italy avoiding worst case scenario


 17:19 (GMT) 16 May

  [Forex Flows]

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EUR/USD, USD/JPY Flows: US data fails to impress, Italy avoiding worst case scenario (0100-ZTGR-C01)

It has generally not been a very positive day for the USD apart from earlier losses on EUR/USD as UST yields pause after yesterday's sharp rise. In terms of today's data the main story may be significant negative back revisions in industrial production, not a major story perhaps but it was only the upward back revisions that allowed a positive spin to be put on yesterday's retail sales report. In Europe it seems that a populist Italian government is not going to putting an exit from the Euro on the agenda, and that takes some risk away from the single currency.


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