USD To Print 3 Consecutive Days Of Gains, EUR/USD Dips

OverviewThe USD index extended on its modest gains, and is on track to print three consecutive days of gains ahead of tonight’s FOMC minutes, where many analysts expect the Fed to attribute the recent weak economic data to transitory factors, and highlight which particular lagging factors may linger in the US economy. Furthermore, analysts at Credit Suisse (SIX:CSGN) see the USD continuing its bullish trend; however, this is dependent on whether upcoming data holds steady. GBP/USD bucked the trend by residing in positive territory against the USD, following the BoE minutes, which indicated that two members on the committee stated that their decision was finely balanced between pushing for a rate hike and keeping rates on hold, which supported the pair throughout the session. Elsewhere, EUR/USD dipped below its May low following comments from the Greek Parliamentary Speaker, who warned that if a deal is not reached, Greece will not pay its June 5th debt obligation to the IMF. Furthermore, uncertainty continues to loom on whether Greece will receive collateral haircuts after sources suggested that the ECB could suggest such measures.

Looking ahead, tomorrow’s economic calendar provides Japanese Manufacturing PMI, Chinese HSBC Manufacturing PMI, French, German, Eurozone, US Manufacturing and Services PMI, UK Retail Sales, ECB minutes US Initial Jobless Claims, US Existing Home Sales, EIA Natural Gas storage change, BoJ Monetary Policy meeting with comments from BoE’s Weale (Soft Hawk), Fed’s Fisher (Soft Dove, Voter), ECB’s Draghi (Dove), Honohan (Dove), BoE’s Carney (Neutral) and BoJ’s Kuroda.

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