The dollar has been trading moderately firmer in early week trade amid a backdrop of rallying stock markets, but ebbing oil prices. EUR-USD drifted to a low 1.1105 during the European AM session, off the Asia high at 1.1176. Above-forecast production data our of the Eurozone, rising 2.1% m/m in January from upwardly revised December data, had little impact. Nor did remarks from ECB member Villeroy that the central bank is alert to the risk of financial bubbles forming as a consequence of monetary stimulus.
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