Although USD buying has been a developing theme of late, this phenomenon is far from indiscriminate. USD/MXN completed a Bear Flag and is trading beneath its 2012 lows. Elsewhere, EUR weakness is not broad based either with EUR/HUF rising up to its May 2012 peaks. On the majors, in contrast, EUR/USD remains range bound though we are watching these developing signs of EUR strength and USD weakness. At this point, they are contained though on a dip towards 1.2850/60 in EUR/USD we would be inclined to look for a bounce.
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Barclays