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Friday, 15 July 2011

Forex: Dollar weakens ahead of stress test results

The US Dollar weakened in the market ahead of the release of the release of the European stress test results. EUR/USD rose above 1.4100 to test levels on top of 1.4150 while GBP/USD broke above intra-day resistance level at 1.6130/35 and reached 1.6155 approaching daily highs.

The Loonie and the Kiwi rose further against the Dollar. USD/CAD hit a new daily low at 0.9535 while NZD/USD eared losses and climbed to challenge daily highs around 0.8445. AUD/USD remains moving in a range, with support at 1.0625 and resistance at 1.0675.

Despite recovering against the Dollar, the Euro remains near session lows across the board. In a few minutes, at 16:00 GMT the results will be published.

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