The dollar rebounded from lows seen against its G3 peers during a firmly risk-off session in Asia as investor spirits recovered during the European AM session. EUR-USD ebbed to the low 1.12s after logging a five-year peak of 1.1281 in early Europe trade. A bigger than expected deflation reading in Spanish HICP data, and German state figures pointing to a risk that German HICP might dip into negative territory, elicited euro selling as the data gives talking-down-the-currency ammunition to the ECB.
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