EUR/USD flows: sideways session looking likely for now
Subdued trade into next US events, needs more than brief buy the fact to offer UST relief
Expiries may be adding to the session's apathy
UK BoE TSC testimony offers interim interest
Very quiet with not much to latch onto in the US until the Fed minutes, 20yr auction and the earnings after the close. Indeed, in terms of the FOMC Minutes, broadly speaking the idea that they might read ‘more hawkish than just the 3 dissenters’ is probably already quite anticipated and in the price. US long end out of all this would need to at least be receding back with the prior May tops and seeing more than brief 'buy the fact' to be taking the pressure off.
Otherwise, option expiries may also be adding to the current apathy, with EUR/USD looking pretty glued to 1.16 for one.
BoE TSC testimony underway shortly the main distraction prior to the above, looking to see if it cements the market's backtracking this week, on the back of data seen so far,, from potentially slightly premature hike pricing.