USD flows: Most pairs rangebound

Not a great deal of action overnight, with the Trump/Europe/Zelensky summit producing some US promises of security guarantees for Ukraine in the event of an end to the war with Russia, but nothing to suggest an end to the war is imminent. With little data on the calendar, and equities edging marginally lower from high levels, it’s hard to see big FX moves today, with the PMI data and the Jackson Hole meeting later in the week more likely to trigger some movement. Canadian CPI later will be a focus (see Daily FX Strategy) but most G10 pairs seem likely to market time until then. A mild risk negative bias overnight has seen EUR/JPY edge a little lower, and there may be some scope for this decline to extend modestly.