Bank holidays in Japan and the US should keep trading subdued today, but that is not a given. Late on Friday risk came under pressure with metals prices in particular falling, despite the problems in South Africa. Commodity currencies are responding with the AUD once again in the firing line. Low daily/weekly closes this week would complete major topping patterns in AUD/CAD, AUD/USD and AUD/JPY, which in turn would indicate further material AUD weakness over the rest of the month.
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Barclays Capital