During the week, the EUR/USD escalated approximately 1.43%, having settled on late Friday at a flat rate of 1.1259. In addition, the USD/JPY stabilized at 123.37, having remained almost unchanged versus its counter peer, the yen. The USD/CHF pair dropped 0.43% and the GBP/USD climbed 0.26%.
Furthermore, last week’s data highlighted that for the month of June, consumer confidence in the U.S. improved a lot, as the labor market increased the expectations that the wages will improve more.
The University of Michigan's consumer sentiment index preliminary reading climbed from 90.7 in May to 94.6. In addition, other reports such as the producer price index in the U.S. climbed for the month of May 0.5%, the biggest rise since 2012.
In addition, last week’s data clearly indicated that all macroeconomic factors, including retail sales, showed that the American economy is slightly and steadily regaining acceleration for the current quarter. Alternatively, even though the economy is doing much better, the nation’s currency, the U.S. dollar remained under strong pressures.
Despite the on-going concerns regarding Greece’s debt meetings, the euro was strongly supported by the European Central Bank, even though the Greek nation is currently running substantially out of cash. The IMF on Thursday stated clearly that it shall stop the negotiations with Greece since there is no any progress, having resulted to stagnation.
Moreover, this week will be very critical as to Greece’s debt meetings and the Fed’s rate statement on the interest rates. Switzerland’s and Japan’s monetary policy announcements will also be very closely monitored.