The euro is regaining lost ground as the market continues to unwind its safety trades of 2011/2012 relating to the euro crisis. In some cases like EUR/JPY, the pace of the move is very impressive, and buoyed by high volumes in January, we expect further material gains over the rest of this year. There is the odd exception to the EUR appreciation story and EUR/HUF is actually one market that is at risk of posting a bearish Reversal Week today; a close below 291.80 would connfirm.
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Barclays Capital