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Wednesday, July 2, 2008

2008.07.02 11:35:40 MARKET TALK: Danger To EUR/USD Of Buy The Rumor, Sell The Fact

0935 GMT [Dow Jones] EUR/USD continues to squeeze its range highs ahead of Thursday's risk events. However, given the potential for a surprise Thursday, Barclays Capital says its surprised the market is keen to break the range, especially given thin trading conditions. The bank says it fears a "buy the rumor, sell the fact" scenario is developing, and views Wednesday's breakout above 1.5840 with suspicion, believing prospects of a false topside break as high. EUR/USD now at 1.5806, BarCap looks for a 1.57-1.5885 range to hold. (GST)

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(END) Dow Jones Newswires

July 02, 2008 05:35 ET (09:35 GMT)

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