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GBP: 0.88 for EUR/GBP might be a stretch – ING

EUR/GBP looks to be trading quite comfortably above April's spike high near 0.8735, ING's FX analyst Chris Turner notes.

GBP/USD looks more vulnerable

"A move up to 0.88 is not guaranteed, however, since this week's eurozone data could weigh a little on the euro. At the same time, sitting long EUR/GBP in quiet August markets is again carry negative and a very light UK calendar this week looks unlikely to provide the incentives to add to short sterling positions. Perhaps EUR/GBP can trade something like a 0.8700-0.8770 range this week."

"GBP/USD looks more vulnerable. Here, we favour a retest of decent support at 1.3370, below which losses can accelerate – perhaps all the way to 1.3150 if the US data/FOMC event risk this week is dollar positive enough."

US drilling activity slows further – ING

Oil prices are trading firmer this morning after the US and EU announced a trade deal, which will see most EU exports to the US facing a 15% tariff. The market worried that if talks had failed, 30% tariffs would come into effect on 1 August. That likely would’ve prompted retaliation from the EU.
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DXY: Busy week for the USD – OCBC

US Dollar (USD) traded mixed as markets await catalysts this week – JOLTS job openings (Tuesday); ADP employment, 2Q GDP (Wednesday); FOMC, core PCE (Thursday); NFP (Friday) while anticipating more trade deals/details ahead of 1 Aug tariff deadline.
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