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PIPS

ECB Intervention

The European Central Bank intervened in the euro/Japanese yen market last Friday--the first time in its history. The euro strengthened to from its lowest point against the yen so far this year of JPY122.6 to JPY125.4. The move also took the pressure off USdollar/yen, driving the Japanese currency down to JPY120.4 from JPY118.9. Meanwhile, the euro also strengthened against the dollar on the back of the move, hitting USD1.042 from a low of USD1.03. Sources say the move was

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