Further EUR/USD gains will be difficult, says Danske Bank, after the euro rebounds on the announcement from European leaders that seniority will be renounced on Spain loans and that the EU's bailout fund can be used more flexibly. "Previous policy responses have tended to deliver only short-lasting rallies and with the ECB set to cut rates next week it should be difficult for EUR/USD to edge significantly higher. That said, this should certainly act as an important backstop for a further near-term euro sell-off," say analysts at Danske Bank. EUR/USD is at 1.2560.
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