EUR & GBP Weekly Outlook - 10 August

In the first sign of the Turkish Lira downfall is entering crisis territory, the supervisory body of the ECB has reportedly (according to the FT) begun looking a various European banks' exposure to Turkey (BBVA (MC:BBVA), UniCredit (MI:CRDI) and BNP Paribas (PA:BNPP)). The lira lost as much as 10% earlier in the day to break the 6.00 territory vs USD. The yen is gaining all currencies, followed by USD, while gold struggles to rise off the $1205 support. Markets await US CPI and Canada jobs at 13:30 London. The short DAX trade was closed for 230-pt gain, while the EUR/USD was stopped out. Yesterday's index short is in the green, and a new trade will be issued ahead of the US session.


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