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Wednesday, February 22, 2006

Closing FX Comments

FX pairs experienced a fair amount of volatility today, though no break-out moves were seen. After receiving fairly robust data from both the U.S. and Europe, it seems that on the whole, prices were deadlocked. The Bank of England seems unlikely to lower rates any time soon, based on today's MPC minutes. Within the eurozone, industrial orders were up strong, which bode well for latter GDP gains, however, yesterday saw a big Conference Board leading indicator number. The Dollar is firm, though range-bound near the U.S. close.