EUR/USD has traded below 87 cents in London this morning, around
0.8660-70
for most of the session, but slumping to lows of 0.8642 in late morning
trading. The fact that we are again witnessing post-intervention lows
suggests the market will continue to trade cautiously for fear of
prompting
central bank action, but a decent rally in US stocks would probably
imply a
test of lows below 0.8600.



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