Developments in Iraq drive a hint of risk aversion; but not enough to swap markets. Into the NA open FX markets are active with EUR sinking, CHF following suit and GBP coming off its highs. Oil markets are elevated, with WTI having rallied above $107 and beginning to threaten the US growth outlook. Fundamental data today is light, with the release of PPI providing an indication of downstream inflation and University of Michigan expected to climb 0.1%m/m.
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