European Market Update

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Summary

European Market Update – A weakness in the U.S. dollar noticed, following less hawkish than expected FOMC minutes. Not surprisingly, in view of the Fed’s guidance, stock markets have been bullish, with the USA500 hitting a record closing high yesterday and bourses across the Asia-Pacific region rallying today. The risk-on backdrop saw some yen weakness on the crosses, with both EURJPY and AUDJPY, for instance, logging one-week highs, though the softer tone in the dollar kept USDJPY subdued.