EuCo summit concluded with a deal on a........>

FOREX: EuCo summit concluded with a deal on a Covid-19 fiscal package worth

EUR750bn, incl. EUR390bn in grants, which generated pressure on EUR, perhaps as

"sell the fact" crept in. EUR/USD knee-jerked to a session high of $1.1470 in

the initial reaction, albeit only to wipe out gains immediately thereafter.

- There was some demand for AUD ahead of the release of minutes from RBA Jun

MonPol meeting & Gov Lowe's speech, but it faded away. The Aussie may have drawn

some modest support from Australian Resource Min's upbeat comments re: Chinese

demand for resources from Down Under. Gov Lowe commented that he would prefer a

lower AUD, but also pushed back against the idea of FX intervention.

- DXY recovered from a fresh four-month low after news wires ran headlines re:

EuCo fiscal deal. Early Asia-Pac trade saw USD trade on a softer footing, as

optimism re: EU leaders' talks & Covid-19 vaccine research continued to linger.

- Those risk-positive factors bolstered KRW, outweighing concerns over continued

slide in S. Korean exports, revealed by trade data for the first 20 days of Jul.

- In terms of scheduled events, Canadian retail sales & comments from ECB's de

Guindos & Stournaras will steal the limelight today.