The market was short and caught EUR/USD last week, causing an impressive squeeze and turning attention this week to trendline resistance at 1.3045. Commodity currencies also rallied, and NZD/USD above 0.8285 would suggest that USD weakness could persist into the month-end. Broad based yen weakness was one of the catalysts supporting currency strength, and with XAU/JPY testing its range high we are hopeful this theme could develop further.
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Barclays Capital