The European session has been very............>

FOREX: The European session has been very uneventful so far with little in the

way of tradable headlines ahead of Jackson Hole later today.

- Powell is due to speak at 15:00BST and expectations are that this will be a

market moving event. Powell's previous guidance was that the July 25bp cut was

part of a "mid-cycle adjustment" and his wording will be closely watched,

particularly surrounding the FOMC's evolving view on the impact of the US-China

trade war.

- The biggest movers in G10 FX are CHF, GBP and NZD. EURCHF has moved closer to

the top of its recent range while GBP and NZD are retracing moves seen

yesterday.

- Sterling's moves yesterday seemed overdone to us, as there is very little new

information in the headlines. The EU have said they are willing to listen to the

UK's plan for the island of Ireland and want the plan within 30 days, but the

ball is firmly in the UK's court and there is absolutely no guarantee that the

EU will accept the UK's eventual plan.

- ZAR is the outperformer in EM with KRW the underperformer.