What happened this week: At the end of this week we reached ‘midsummer’s night’ which is not technically the middle of the summer (which is June 24), but the shortest night and the longest day (June 21). The ‘midsummer’ trade would typically describe the peak holiday season in Europe, sometime between mid July and the end of August. This means that market activity is about to almost come to a standstill, because the vast majority of the trade will be closed for holidays.

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