The release of US non-farm payrolls this afternoon is likely to be the primary focus of the FX markets today but it is the weakness of the euro that continues to hold our attention. Falling German yields are likely to weigh on the euro today and cross charts continue to highlight significant bearish potential to come. Intraday, the cleanest downside break would likely be EUR/JPY, taking out its recent range low at 98.00/30; such a move would point to a new 2012 low.
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Barclays Capital