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A generally firmer euro was the main theme in European AM trade, while the dollar traded mixed. EUR-USD ran to a peak of 1.1345, underpinned by the SNB's Danthine saying that the central bank remains prepared for intervention despite abandoning the former EUR-CHF peg at 1.2000. Stops through 1.1300-10 added fuel to the move. EUR-CHF, for its part, spiked to a 1.0382 high, the best level seen since the SNB abandoned the peg at 1.2000 on Jan-15, though subsequently retreated back to near net unchanged levels around 1.0100.
The dollar and main currencies were relative steady today, settling after yesterday's EUR-JPY centred whipsaw. EUR-USD traded in the low-to-mid 1.12s, holding comfortably above the 1.1098 low that was seen during the early hours of Asian trade on Monday. The speculative market had gotten itself excessive short of euros during the lead up to and after the ECB QE announcement last week. We still expect the euro will work its way toward parity against the dollar once the quant program kicks in March.
FX trade was relatively calm in N.Y. on Monday, and the dollar was mixed overall. EUR-USD moved up to 1.1290, as cable rallied to 1.5100. USD-CHF was higher however, with that move led by a round of EUR-CHF short covering. The cross moved back over 1.0100. USD-JPY was modestly firmer, as speculation over new BoJ stimulus made the rounds. USD-CAD meanwhile, eased back from trend highs posted in London, moving under 1.2410. Aside from the Dallas Fed index, which was largely overlooked, the U.S. calendar was empty.
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