Memorial Day in the US should keep trading subdued across markets today, but against this backdrop the outlook for commodity related currencies appears to be improving. USD/BRL, which was at the forefront of the recent risk rout, encountered profit taking last week; the AUD has also bounced and against the EUR appears poised to rally further, finally EUR/NOK is potentially forming a Double Top but we need a close below 7.5190 to confirm the pattern is complete.
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Barclays Capital