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Currencies: Dollar logging best month since May as euro tumbles 2.5% in October

Major currency pairs saw trading stabilize early Wednesday, as investors waded through economic data from the eurozone, China, and the U.S.

The data calendar included eurozone consumer price inflation, which met expectations with a 2.2% increase on the year, and China’s October manufacturing purchasing managers index, which slowed to 50.2, versus 50.6 expected. A PMI above 50 indicates growth, and the October read indicated that growth in activity is nearly flat.

“Chinese markets performed well overnight while the yuan continued to flirt with the seven handle against the dollar. This is seen by many as being a psychologically important level for the currencies, a break of which could propel it much further, potentially causing further tensions between the two countries,” wrote Craig Erlam, senior market analyst at Oanda, in a note.

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