– EUR/SEK rebounded yesterday further than we had expected but volumes were light as demand dried up at higher levels, this implies downside risk for later in the week.
– USD/JPY volumes fell yesterday at higher levels. Investors are not yet prepared to bite the bullet on their short positions.
– CAD volumes were extremely light suggesting the corrective rally off the low in Sep is stalling.
– GBP/USD volumes dropped sharply from the Sep month-end close.
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Barclays Capital