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USD
The US dollar was in for a weak start this week since traders seem to be reducing their exposure ahead of the top-tier events later on.
For today, only the durable goods orders report is due and a rebound is eyed. The headline figure could show a 3.2% gain after the previous 2.2% slide while the core figure could show a 0.4% uptick after the previous flat reading.
EUR
The euro advanced to some of its forex rivals at the start of this week, as talks in Greece continued to see positive developments. Last Friday’s PMI readings from France and Germany were mostly disappointing but these were brushed off. In terms of data releases, the German Ifo business climate reading is due today and a climb from 107.4 to 107.6 is expected for July. Stronger than expected data could spur more euro gains while a weak reading could force the shared currency to return some of its wins.
GBP
The pound could be in for further consolidation after Friday’s lack of top-tier data. Only the CBI industrial order expectations report is due today and a climb from -7 to -4 is eyed, reflecting a smaller contraction in volumes. A positive reading could mean a rally for the pound while a lower than expected figure could spur more losses.
CHF
The franc sold off to its currency counterparts as traders seemed to favor the dollar among the safe-haven currencies these days. There have been no reports released from the Swiss economy then and none are due today, indicating that risk appetite might keep driving franc price action.
JPY
The yen advanced to its counterparts on Friday when commodity price slides kept risk aversion in play. There have been no reports released from Japan then and none are due today, suggesting that risk sentiment could push yen pairs around.
Commodity Currencies (AUD, NZD, CAD)
The comdolls were in a weak spot last week due mostly to falling gold prices. Crude oil is also edging lower, triggering more declines for the Loonie. There are no reports lined up from Australia, Canada, or New Zealand today which means that commodity price trends could play a role in the price action of their respective currencies.
By Kate Curtis from Trader's Way
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