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July 18, 2025 3:13 PM UTC
Little data of note with PMIs the main focus
EUR/USD can hold above recent lows if Eurozone PMI shows another modest gain
Long trend higher in EUR/JPY looks excessive and suggests downside risks
NOK has potential to extend Friday’s recovery versus EUR and SEK
July 18, 2025 9:34 AM UTC
• Trump goal of substantially lower short-term rates could be achieved with a recession, but otherwise is unlikely even when Fed chair Powell is replaced. The majority of voting FOMC members will make decisions based on economics not politics. However, Trump fixation with lower rates an