The EUR/USD is firmer due mainly to short-covering as gains in most Asian markets appear to mitigate investor risk aversion, says a senior trader at a trust bank. "The rise is not news-driven but rather the result of short-covering in EUR-crosses such as the EUR/JPY," the trader says. The pair is at 1.2723 vs 1.2705 late Tuesday in New York. The trader adds stop-loss orders are seen in place at 1.2750 and a clear break of that point may send the pair up to around 1.2780 later Wednesday.
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