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Source: Standard Chartered

"EUR-USD losses have accelerated recently but remain relatively modest year-to-date at around 4.38%. Such losses have been limited by three key factors: (1) continued efforts by the Federal Reserve to provide excess liquidity via „Operation Twist‟, (2)the recent weakening of US economic data, and (3) portfolio inflows and repatriation of foreign assets ahead of the EU bank recapitalisation deadline at the end of June. Our expectation, aside from any further escalation of the European debt crisis, is that these sources of support will have been significantly impaired come July" Callum Henderson and Thomas Costerg, Standard Chartered Global Research Analysts.

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