As we move deeper into the summer holiday doldrums, the major FX markets are drifting within clearly defined ranges. However, things are slowly coming to a head. The decline in EUR/GBP is driving GBP/USD against its range high and EUR/USD against its range low. Something has to give either later today or early next week (our bias is for a higher USD). Elsewhere the rally in grain prices is reaching historic proportions with soybeans and corn posting new highs yesterday.
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Barclays Capital