– Holidays in Europe and Asia kept volumes depressed, look for a spring back today.
– Commodity currencies dominated the volumes on marked weakness, primarily in NZD and AUD.
– Range trade weighing on volumes in EUR/GBP, USD/JPY and EUR/JPY.
– Uptick in USD/CAD likely to lead to range trading near term before a large directional move (our bias is higher).
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Barclays