EUR/USD is approaching tomorrow’s US-Russia summit with good momentum, and the option market does not seem to be pricing in major volatility risk, ING's FX analyst Francesco Pesole notes.

EUR/USD may stabilise around 1.170 for today

"Today, the eurozone calendar includes the second 2Q GDP release. The advanced print was 0.1% QoQ, although markets gave it limited weight given the heavy tariff distortion. Eurozone industrial production figures for June are also published today: expectations are for a soft print after Germany reported a surprise -3.6% YoY figure."

"One-week EUR/USD implied volatility is at the bottom of its recent range and in line with historical volatility. EUR/USD may stabilise around 1.170 for today, with a balance of risks still skewed to the upside."