EUR/USD is drifting lower in quiet markets, ING's FX analyst Chris Turner notes.

EUR/USD should continue to trade in narrow ranges

"It might be easy to link this to a lack of progress on Ukraine peace talks, but this seems more like a generalised dollar move. Perhaps there is some modest risk reduction going on as investors pare back some EM exposures. China had some soft July activity data earlier this week."

"EUR/USD should continue to trade in narrow ranges and we do not see the need for it to break under 1.1590/1600 today."

"Additionally, one negative development for the euro overnight is ICE's decision not to include EU joint debt into its sovereign bond indexes. Our rates team will have more on this later – but it's not helpful for the global euro story."