The US Dollar came again under pressure in Asia, following more disappointing US economic data on Friday. The New Zealand Dollar was the best performing currency overnight, with NZD/USD rallying to 0.73. Should it break above that level, next resistance is noted at 0.7380. The Australian Dollar followed the NZD higher, but lacked the momentum. AUD/USD reached a high of only 0.7630. AUD/NZD selling weighed a bit on the currency.
USD/JPY recovered along with stocks. The pair rose from 110.70 to 111.15. The outlook is still positive and another test of 111.50 resistance likely. Meanwhile, the Euro consolidated in a 1.1190-1.1205 range, while GBP/USD traded 1.2755-80.
There will likely be a positive reaction to the French parliamentary election outcome once Europe opens. EU stock markets are likely to open higher as well.
There are no notable data releases scheduled for today. The only event is a speech by FOMC member Dudley at 1300 BST.
The Week Ahead:
Tuesday, June 20th
Wednesday, June 21st
Thursday, June 22nd
Friday, June 23rd
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