– Volumes jumped back toward average levels for the year as US and Japanese investors returned to the markets.
– The recent downturn in EUR/JPY and USD/JPY along with falling daily volumes suggests lack of commitment to JPY strength and limits downside potential for these currency pairs.
– Tuesdays key day reversal in EUR/GBP attracted higher volume than any day for the prior six-day rally. Investors are demonstrating appetite to keep the cross capped within the recent 0.7925/0.8115 range.
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Barclays Capital