The major currencies traded narrowly in cautious trade. Chinese stock markets wobbled again, though the Shanghai Comp more than recovered losses of as mush as 5.1%, closing with a 1.2% gain. EUR-USD lifted from yesterday's low of 1.1017 to levels above 1.1050, subsequently settling near 1.1030. USD-JPY traded heavily in a narrow range, but remained just above yesterday's 124.18 low. The latest investor sentiment survey from BoA-Merrill found that a recession in China and a broader EM debt crisis have eclipsed a Eurozone breakdown as the principal concerns.
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