Last couple of days felt a bit like a summer in the markets. There was no real trend while volatility declined, particularly in European currencies - Euro's weekly range being currently worth only about 90 pips. Loonie (~250 pips) and Yen (~230 pips) have fared somewhat better.

I think UK EU referendum is playing a big part here. The uncertainty is causing many players (including central banks) to postpone their decisions until after June 23rd. I wouldn't be surprised if the markets remain in the current mode for a couple of weeks before things really start to kick off in the run-up to the big event.

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