Over the past 24 hours the markets have taken a breather. The absence of any reversal signals during that time points to a period of consolidation leaving the main themes unchanged. Euro weakness threatens to extend further with EUR/CAD the next shoe to drop as price approaches its range low of the past 12 years. Global growth concerns are undermining the Shanghai Composite, which is slumping towards its 2012 low and in turn this is eroding support for commodity currencies like the AUD.
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Barclays Capital