“As we deem that the US is closer to turning cyclically than the euro zone, if data starts to surprise on the upside, e.g. retail sales today where we have an above-consensus call, it could send EUR/USD towards new lows. After the ECB’s dovish signals, we think the cross could slide towards 1.10 near term. Meanwhile, IMM Positioning data suggested that speculators continue to prefer longs in cyclical commodities like oil and copper – a hint that markets are increasingly positioning for a trade deal and a Chinese growth stabilisation. This hints that the knee-jerk to a trade deal may be limited.” Mikael Olai Milhoj, senior analyst at Danske Bank, said.