FX SUMMARY- USD gives back some of its overnight gains

USD started the European session on the front foot, a continuation from the Asian session.

• The Dollar was up across G10s, besides the CAD, but the Greenback has faded some of the bid, after Equities moved to session high.
• Now, only the JPY, NZD and AUD are still down versus the USD.
• EURUSD is a 28 pips range (1.1802/1.1830), and worth noting 3.05bn between 1.1790 and 1.1825 of option expiry for today.
• The pound is having a good session, but Cable has been choppy, initially rallying to 1.3895, to then quickly fading to the session low at 1.3862, and now trading back at 1.3887.
• Resistance in Cable comes at 1.3910 (High Jul 12 and a key resistance)
• NOK and CAD were initially under some pressure, as WTI slipped below $72, but crosses have reversed the early price action, following WTI breaking back above $72.
• Looking ahead, US Whole sales inventory, is the main data for the session.
• We also get the Canadian CPI, but most of the attention will be on the FOMC and presser.