The FX market was considerably calmer on Friday, with EUR-USD settling inside the upper third of Thursday's 3.5% trading range. The 1.12 handle was kept out of reach, though with the ECB likely finished with its easing cycle, we look for further short covering over the next few days. USD-JPY was supported by the return of risk taking, as it peaked at 113.81, after posting lows of 113.34. USD-CAD spiked up on a soft Canadian employment report, though as oil touched $39/bbl, the pairing dove to four-month lows under 1.3170. Cable moved higher with the euro.
[EUR, USD]
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