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Vladimir Miklashevsky, senior economist at Danske Bank, points out that the EUR/USD pair remains confined in a 1.12-1.16 range still as a weak euro cyclical story for now has dampened the likely positive impulse from a trade deal.

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“On Tuesday-Wednesday, the Fed’s Powell due to speak and we will look for hints on whether balance-sheet stabilisation could pave the way for more hikes as we look for.”

“Constructive dialogue from the US-China should help calm the nerves and benefit the commodity currencies, the Scandies and, to a smaller degree, EUR.”

“On Friday, US manufacturing PMIs will provide key hints as to whether the US is finally escaping the soft patch it has been in recently. Indeed, we think the US will recover shortly.”