With the USD Index locked in a ranging pattern, we expect trading to be subdued today by the US Independence Day holiday. Bigger picture we are USD bullish but this week listless sideways drift is the likely outcome ahead of the release of US NFP on Friday. The outlook for the euro, especially on the crosses, is less benign. EUR/NZD is approaching its all-time low and we have little faith it will hold.
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Barclays Capital