RBS says EUR/USD goes lower multi-month but in a choppy range over the next few weeks
"The last minute agreement with Greece ought, in theory, play EUR/USD
negative by allowing negative front-end rate spreads to be a bigger FX
driver again. Also EUR negative, we believe, is the renewed fall in oil.
For two to three months, markets have romanced the Euro area
‘reflation’ trade," RBS argues.