EUR: Parity slightly less fashionable Some better-than-expected eurozone growth figures this week and a Fed still minded to cut rates has seen EUR/USD edge back above 1.07 this week. Calls for parity seem a little less fashionable after the European Central Bank appears to be shying away from a divergent path (after a nailed-on single 25bp cut in June) and the Fed no cut/hike scenario seems slightly less likely. We have several measures of EUR/USD medium-term fair value near 1.08, and factors calling for a significant deviation from that are weakening. One of those factors is energy prices, where the relative calm in the Middle East has allowed crude to settle back to mid March levels.  We cannot see many scheduled events moving EUR/USD today, which should continue to trade well within a 1.0650 to 1.0750 range into tomorrow's US jobs report.