Jin10 data reported on July 3, Citigroup forex strategists believe that the upcoming July 9 tariff negotiation deadline is likely to be a "non-event" for G10 forex to a large extent. On the EU side, Citigroup's baseline forecast is that both parties will reach a framework agreement before July 9, at which point the 10% tariff rate will be extended, and negotiations will continue. "Given the recent strength of the euro, they speculate that such news will be slightly Favourable Information for the euro, but it is not necessarily a significant driving factor, as much of the good news is already reflected in the euro price." Regarding Japan, Citigroup believes that, given Trump's recent remarks, the likelihood of reaching an agreement is decreasing. Citigroup stated, "The risk of Japan's tariff increase seems to be the highest." The bank expects that the USD/JPY will climb to 150 this summer, then fall below 140 later this year, as the Central Bank of Japan is expected to implement policy normalization, allowing the yen to regain strength.