– Another top-ten day for volumes overall as the strong start to 2013 continues. In our G10 currency ranking, the yen was knocked off the top spot yesterday by the Swiss franc.
– EUR/CHF volumes were heaviest since intervention in Sep 2011. That and the dramatic straight line price move imply the SNB has routed the detractors trying to smash the 1.2000 floor.
– JPY volumes dipped yesterday, but still remained well above average (20 day).
– Very heavy EUR/GBP volumes for a third successive day also hint at unwinding of safe haven positions this week.
– The EUR/SEK recovery off 8.51 is running out of steam as volumes start to dip.
Click here to read the full report: Technical Research
Barclays Capital