Markets were awoken as Europe stepped in......>

FOREX: Markets were awoken as Europe stepped in this morning as traders reacted

to an earlier released report in the FT suggesting ECB concern over EU Bank's

exposure to Turkey. As USD/TRY spiked higher so EUR/USD dropped through recent

range base and support at $1.1500 with triggered selling in the move taking rate

through $1.1450 and on to an eventual low of $1.1432. Reaction also allowed

EUR/Yen to break its support at Y127.60 which exposed support at Y126.60 with

some looking toward Y124.62. EUR/GBP extended its corrective pullback away from

its Thursday high of Gbp0.9031 to GBp0.8935 but Brexit concerns remaining

provided the eventual counter as the cross recovered back toward its Asian high

of Gbp0.8990 as cable sank on to $1.2736(fresh YTD low). Confirmation of UK Q2

GDP did little to lift pressure from the pound. Markets settled late morning as

market turns attention toward US CPI and speeches from the Turkish Finance

Minister Albayrak, due to speak at 1130GMT and to present a 'new economic plan &

model', with Turkish President Erdogan also expected to speak.