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Euro pulls back after France-led surge

London

THE euro retreated from 5-1/2 month highs against the US dollar on Wednesday, investors cashing in gains made on the back of the first round of France's presidential elections and a market rethink on eurozone monetary policy.

Attention was also turning to US President Donald Trump's promised announcement on tax cuts, supporting a reheating of the dollar-positive "Trumpflation" trades that dominated the end of last year but have waned since.

The yen - a sufferer this week from buoyant sentiment...

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