The EUR is being bought on news Chinese financial institutions issued CNY703.9 billion of new yuan loans in August, topping estimates of CNY600 billion, says a senior dealer at a major bank in Japan, noting the figures spurred some short-covering of the common currency. The EUR/USD climbed to an earlier high at 1.2794 while the EUR/JPY hit 99.95. "The Aussie was bought, reacting first to the figures, and then the euro," he notes. The EUR/USD is last at 1.2777 and the EUR/JPY is at 99.91.
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