Positional adjustment ahead of some risk events was the main story overnight with the EUR making gains on the crosses particularly against the GBP. Lack of momentum is still a major problem in the FX market and with the traditional Northern Hemisphere holiday period just about to start, many players are already reducing their positions.
The RBA minutes for July will be the main event on this morning’s economic calendar and given that Mr Stevens has made some important speeches since then, I think it’s fair to expect absolutely no surprises.