Trade was cautious during the European morning after a volatile week. The main currency pairings continued to hold well within yesterday's ranges. China permitted the yuan to strengthen mildly for the first time in four days, which boosted Chinese stocks, though most other bourses in Asia saw moderate declines while European equities saw moderate gains. The euro came under moderate selling pressure, EUR-USD meeting good offers from around 1.1165-70 and then dipping to a 1.1124 low, while EUR-JPY fell nearly 50 pips to a 138.35 low. EUR-CHF and EUR-GBP also declined.
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