Last Friday's ECB protestations about the market getting the wrong end of the stick with regard to its 'hawkishly dovish' communication debacle on Thursday seemed to have some lasting impact. EUR-USD extended Friday's correction, making a low of 1.0803. That marked a 1.6% decline from Friday's peak, though this still left the euro just over 2% up on levels seen ahead of the ECB announcement. The euro also posted declines against the yen, sterling and the Swiss franc, though its biggest declines were against the dollar, with Friday's U.S.
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