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Talking Points:

• Event risk put the focus on rate forecasts, but risk trends carried the greater weight

• Global equities were fading - raising the threat level on a possible risk reversal

• Meanwhile, tepid data from the UK and status quo from Fed speakers couldn't drive GBPUSD below 1.7000

See volume behind the majors during the NFPs and ECB rate decision to gauge your trading approach using the free FXCM Real Volume and Transactions indicators.

Discontent is stirring amongst the contented speculators. Low volatility and an appetite for yield go hand-in-hand, but even die-hard bulls doubt its much longer lived. Given the breadth of opportunity, market participants are itching for the swell of trend and abundance of opportunity that comes along with a shift in speculative appetites. Yet, we have seen too many starts to be drawn in without confirmation. Global equities made the biggest contribution to a risk interest with heavy selling particularly in Europe. However, that is only the first level of a risk-derived move. Volatility measures, FX participation and fundamental moorings are necessary to alter such a remarkable trend. Will we finally find it? We discuss what to watch and what to trade in today's Trading Video.

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