On our analysis as at the 02.07 we indicated that we were short EURUSD and were looking to start taking profit below 1.12. Since then the currency pair has effectively dropped towards 1.12 mainly on the back of a significantly stronger than expected payroll number of 224K jobs added compared to 160K jobs forecast reducing the chances of a rate cut in July. We will therefore be holding our short position as we await the Powell's testimony and the FOMC minutes on Wednesday.