The EUR continues to trend strongly lower on the crosses and intraday strength is repeatedly proving to be short-lived. The larger backdrop remains negative especially for some crosses such as EUR/SEK which is posting new lows not seen since 2000. The JPY is also poised to strengthen further in the near term: AUD/JPY is posting bearish divergences and warning of a deeper pullback. As the US dollar catches a more pronounced bid, our focus is also on gold which is approaching contracting range lows.
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Barclays Capital