Euro crawled out of bed this morning

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After the celebratory rally against the majors on Friday the Euro crawled out of bed this morning in a more delicate state as investors focus on the fine print of the measures undertaken at the EU Summit. Furthermore, focus has shifted to the forthcoming ECB meeting where markets are expecting a rate cut. Manufacturing data across Europe and China have confirmed contraction for June. Across the Atlantic, market participants are likely to focus on the ISM manufacturing data later today which is expected to show deterioration for June.

At home, manufacturing PMI just out has indicated a contraction for June, thereby turning focus onto the potential measures undertaken at this week’s BoE monetary policy meeting.

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