Traders shift focus to recession

"There are not many new risk positions being put on and a lot of the risky positions were squared in the past few months," said Martin Wiedmann, head of foreign exchange sales and distribution at Credit Suisse in Zurich. He added that, while there has been a reduction in volumes, liquidity could be described as fair running up to year-end.

Others agreed, adding that the market is shifting focus from the banking crisis to the global recession. As an indication of the change, last week's $20

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