Flat Into Final London Session Of The Week

EUR/USD is flat into the final London session of the week, dealing just above $1.1810. The bulk of the overnight news flow has focused on Asia-Pac central banks and Sino-U.S. tensions, allowing the rate to stick within the confines of a 15-tick range.

• As a reminder, a move lower in the S&P 500 supported the USD on Thursday, allowing the rate to unwind the early London bid and chip away at Wednesday's gains.
• Thursday saw ECB's Visco reiterate his view that the central bank must not pull back on its bond purchases prematurely, given the need to convince markets of the Bank's conviction re: its new inflation mandate. Visco also highlighted the substantial economic slack that remains within the Eurozone, while noting that the economy is evolving as expected.
• Our technical analyst believes that the bearish tone remains intact, with bears ultimately focused on the Mar 31 low/key support ($1.1704). On the upside, key short-term resistance has been defined at the Jun 25 high ($1.1975), although the July 9 high ($1.1881) provides some protection ahead of there.
• June's final Eurozone CPI prints will hit later today, with a relatively slim docket observed.