XE Market Analysis: Europe – Jul 30, 2018

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The dollar majors have been holding in narrow ranges in early-week trading so far. EUR-USD has been making time in the mid 1.1600s, while USD-JPY has held in a narrow range near 111.0. The PBoC lifted the USD-CNY reference to a new high of 6.8131 from Friday’s 6.7942. There is a sense that most market participants are uncertain about the near- to-medium future. One font of uncertainty continues to be the Trump administration’s trade war, and how it might evolve and how it will impact currency markets.