💶<EUR=>: EUR/USD Spot Friday Session

• EUR/USD set to close Friday session almost flat after having dropped almost 100 pips after euro PMI data, the rebound came on the back of a weak services PMI print from the U.S.

• Friday EUR/USD range: 130 pips. Trades up 0.07% as of time of writing

• The volatility curve shows inversion, with the front-end above 13.0%, the six-month tenor reads at 10.5%

• Several structural challenges are set to defy EUR bids, Société Générale wrote that the euro is 'unbuyable' this morning. Energy disruptions are leading to recession fears, while ECB's SPF shows inflation above target for the forecast horizon. However, the fact that Russia may halt gas flows, leaves the euro little supported by ECB tightening, SocGen wrote.