EUR/USD fell back below 1.17 early on yesterday morning, primarily a result of broad strength in the dollar. There wasn’t any data out of Europe yesterday, and the calendar doesn’t look too dissimilar today with only money supply data due.
It could be another steady session for the single currency unless the tit for tat trade rhetoric starts to rear its ugly head again, which it undoubtedly will. Investors will also likely trade with an air of caution ahead of European inflation data due out tomorrow. More importantly, though, the EU summit is expected to start on Thursday, and we’re likely to get some market-moving news on subjects covering the EU's fiscal budget, Brexit, Italian fiscal risks, and migration.