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US stocks erase losses, USD quiet

FXStreet (Córdoba) - Equities in the US managed to recover from early losses and were rising modestly while European markets ended mixed. The Europe Stoxx 600 was down 0.27% at 331 on Monday.

Among country indexes, the UK FTSE 100 slipped 0.02% while the Germany's Dax lost 0.61%. The France’s CAC 40 rose 0.34%. Italy’s FTSE MIB gained 0.09% while Spain’s IBEX 35 declined 0.27%.

In Wall Street the Dow Jones was up 0.02% at 16,498 while the Nasdaq was climbing 0.35% and the S&P 500 0.25%.

In the FX market, the USD was falling against commodity currencies and rising versus the Euro and the Pound, on a quiet Monday with prices showing marginal changes. Gold was falling $6 trading below $1,290/oz while crude oil was up 0.15%, above $98.00 a barrel.

GBP/USD testing descending trendline resistance

GBP/USD is trading at 1.6845, up 0.14% on the day, having posted a daily high at 1.6848 and low at 1.6814.
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The USD breaking out on positive US outlook - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman noted that there are unambiguous signs that after recovering from the contractionary fluke in Q1, the US economic momentum has carried into Q3.
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