Expect EUR/USD to remain at low levels over the next 4-5 months as 1) world growth is yet to convincingly rebound 2) The EUR will trade with a risk premium due to the risk that Trump will target EU / the auto sector through 2020 3) No real risk of a hawkish re-pricing of the ECB from the current flat pricing through 2020 EUR/USD will not rebound until the world convincingly and uniformly rebounds growth-wise.GBP will remain vulnerable as the risk of a Bank of England cut is rising, while the uncertainty around the Phase 2 deal of Brexit could re-ignite the negativity around UK and GBP.We see a fallen risk of lower readings in USD/JPY as the benign outlook on USD liquidity (and asset purchases from ECB and Fed) will likely keep a decent risk appetite intact for the time being. USD/JPY usually rises when the USD liquidity outlook improves as currently.