Investors continue to take risk off the table as peripheral eurozone bond yields push higher. The S&P 500 index posted a fifth consecutive day lower, and commodity markets, in particular Brent crude and copper, have broken below important range lows. Commodity currencies are suffering as a result of the downturn in hard asset prices. A decisive break through important nearby levels for USD/RUB, USD/CAD and AUD/USD will confirm further risk aversion and correction within their 2012 ranges.
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Barclays Capital