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FXstreet.com (Barcelona) - The relatively calm foreign exchange market and equity market in Asia ended abruptly in Europe note Brown Brothers Harriman analysts.

Whilst they feel that it is difficult to find a culprit, they suspect that position squaring in thin markets may be the cause. Consequentially, the Euro has come off a cent, drgaging on the Franc.

They write, "The MSCI Asia Pacific Index gained more than 0.5%, while European bourses are broadly lower, with the Dow Jones Stoxcx 600 off 0.3% near midday in London, led by utilities and financials. Fixed income markets are subdued. Italy's bond auction was adequately received, especially holiday conditions."
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