Event risk into the weekend should continue to keep trading volumes supressed, but that is not to say there is nothing going on. Yesterday, Bobls jumped the gun on the ECB announcement today by turning bullish after a month of selling. Lower German yields contributed to general euro weakness as EUR/CAD posted a new low for the year. More spectacular still was EUR/SEK breaking lower out of a large Pennant: the implication is for a return to the lows of the last two decades.
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Barclays Capital