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EUR/USD at 1.3540 Before Consumer Confidence and PMI Data

The euro was near a seven-month high before data forecast to show consumer confidence was the strongest in more than two years in the 17-nation currency bloc and manufacturing expanded for a third month.

The shared currency traded 0.4 percent from an almost four-year high versus the yen before Bank of Japan Governor Haruhiko Kuroda speaks today and European Central Bank President Mario Draghi talks next week. Kuroda said yesterday the BOJ will maintain easing policies as long as necessary to achieve its 2 percent inflation target in a stable manner. The yen was poised for weekly losses against 15 of its 16 major peers.

“It’s hard to cap euro gains unless the ECB delivers a clear message they will add to its easy monetary policy,” said Kikuko Takeda, a senior analyst in London at the Bank of Tokyo-Mitsubishi UFJ Ltd., a unit of Japan’s biggest financial group by market value. “The euro’s high this year around $1.37 is in sight in the short term.”

Bloomberg [1]

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