Nomura Research likes long EUR on some crosses

"With oil prices almost back to the ECB’s June “baseline” and gas prices closer to the “adverse” scenario, it seems highly likely that a second hike in the cycle will be delivered in September (in line with expectations), and with some upside risk as two hikes (including the one delivered in June) were in the baseline scenario," Nomura notes.

"While EUR/USD is at the mercy of commodity prices, we think there could be value in being long EUR on some crosses, which have already diverged from rates pricing and where further monetary policy divergence might become more apparent. EUR/GBP has started to bounce, while EUR/AUD and EUR/CAD are also potentially attractive on these factors," Nomura adds.