Volumes were above average for the year, but are beginning to tail off from Monday’s peak of activity.
· USD/JPY volumes have been falling along with the downtick from recent highs. This signals lack of investor interest at lower levels. A high volume up-day would re-affirm JPY weakness.
· AUD/USD saw an increase in volumes which endorses the first bullish day since last Wednesday.
· A pick-up in activity and a bearish engulfing candle confirmed our suspicion of selling interest for USD/CAD.
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Barclays Capital