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(9/16) DailyFX - U.S. Open
Japanese Yen: Loses Ground Against Comm. Bloc
Pound: Job Losses Hit 14-Year High
Euro: Annual Rate of Inflation Falls for Third Month in August
US Dollar: CPI, Industrial Production on Tap
Euro Breaks 1.4700 to Mark Fresh Yearly High, British Pound Halts Two-Day Decline
The euro advanced against the U.S. dollar during the overnight session and reached a fresh yearly high of 1.4714 however, the three-day rally looks to be losing steam as the EUR/USD remains overbought. At the same time, the European Union Economic and Monetary Affairs Commissioner Joaquin Almunia said that the euro-region faces "risks of regression" as the outlook for a sustainable recovery remained uncertain, and said that taking away the stimulus packages "too soon after a crash" could lead to a double-dip recession as growth prospects remain weak.
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