Back to normal after huge week of flows
The end-of-financial-quarter brought a massive week of flows which started mid-week with substantial AUD buying, followed by large-scale GBP buying on Thursday and ending the week with massive USD buying by US corporates. Throw into the mix some massive two-way business in EUR/GBP at the London fix and we can look back on a week of unusually large flows. These should now be complete and we can get back to our more normal market practices.
Today will be quiet with Australian and Chinese markets closed, but things will pick up pace again tomorrow around the time of the RBA decision.