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Slow start to a busy week - The single........>

FOREX
FOREX: Slow start to a busy week
- The single currency is modestly outperforming early Monday, although EUR/USD
has failed to show above $1.13 in European trade. Macro cues and newsflow this
morning have been relatively few and far between, muting spot vol and keeping
most pairs inside recent ranges.
- GBP continues to underperform, with the UK currency the weakest in G10 so far
this week. GBP/USD bounced off the $1.2315 Friday low, but remains within
striking distance.
- DMFX implied vols are generally higher in the front-end, with markets looking
ahead to key releases this week including Fed minutes, ISM data, MNI Chicago
Business Barometer and US nonfarm payrolls report on Thursday.
- This week starts slowly, but price action and volumes are likely to be
front-loaded ahead of the extended weekend for July 4th holidays in the US.
Pending home sales numbers are due later today as well as national German CPI.
Focus will, however, likely remain on COVID case numbers in the US after Texas
reported record high positive test rates and new case rates over the weekend.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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