The blistering pace of change at the start of 2013 is not letting up. Volumes are high with the yen at the forefront, suggesting Japanese investors are no longer risk-averse and are searching for yield once more. In addition, we are also seeing the safety trades of 2012 unwinding; EUR/USD has popped above its weekly cloud this morning and one of the catalysts appears to be strong EUR/CHF demand following a relief rally in that market last Friday, which was on very heavy volume.
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Barclays Capital