A series of European PMIs released on Friday morning gave the single currency an early boost. It was the services element of the PMI that beat market expectations, while the manufacturing part printed slightly weaker than market forecasts. EUR/USD then drifted lower into New York opening but finished with a bit of a flourish as risk demand ebbed and flowed through the joint London/New York sessions.
Looking ahead to this week the EU Summit on 28th-29th June is likely to be the key market risk event. It will cover many controversial issues including European fiscal budget, the Italian budgetary risks, Brexit, and migration. Flash inflation data is also due for release later in the week.