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Analysts at Nordea Markets noted the single currencies rebound but look for fading opportunities.

Key Quotes:

“EUR/USD has rebounded on improving Euro-area data, fewer political worries and somewhat weaker payrolls data. The next important resistance looms large at 1.1850/60.”

“The somewhat weaker-than-expected average hourly earnings figures for the month of June does not in any way affect the picture of a tighter slack pushing wage growth higher.”

“Hence we are keen to fade this recent move higher in the EUR/USD.”