• seeing significant rise in short euro positions
  • has been a drop in short-term capital inflows
  • June measures have been successful especially negative depo rates
  • ECB decoupled monetary conditions from those of US
  • monetary policies of EU and US/UK will remain on a diverging path for a long time

Nothing we didn’t already know but enough to knock back EURUSD 1.3369 EURGBP 0.7946 EURJPY 136.82