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Investors were unflustered by the collapse of the Dutch coalition government and were relieved at the relative success of bond auctions by Spain, the Netherlands and the European Financial Stability Facility. The euro strengthened slightly against the US dollar, the yen and the pound.

Sterling started the day well. It avoided possible fallout from a higher-than-expected public sector net borrowing figure because the previous month's number was downwardly revised. However, it hit overhead resistance when it came up against its August 2010 high against the euro and its October 2011 high against the US dollar. The sellers were waiting and the pound backed off. More figures expected today so keep watching...
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