Forex Major Currencies Outlook (June 22, 2015)

There have been no economic reports released from the US economy then while today has the existing home sales data on tap. The report could show a pickup from 5.04M to 5.27M, which would reflect stronger housing demand and possibly keep the dollar strong.

EUR

The euro faces event risks in the form of the European leaders' emergency meeting today. Any signs that a deal will be reached, whether it involves Greece accepting a list of economic reforms or the creditors relaxing their conditions, could be bullish for the euro. The lack of agreement could keep gains in check, as traders come to terms with the idea of a default or Grexit. There are no economic reports lined up from the region today.

GBP

The pound carried on with its ascent last week, thanks to positive government budget data. The public sector net borrowing report showed a 9.4 billion GBP deficit, lower than the projected 10.1 billion GBP borrowing figure. Meanwhile, the previous reading was revised to show a smaller deficit of 5.5 billion GBP. No reports are lined up today but MPC member Cunliffe is set to testify.

CHF

The franc advanced against the euro and some of its forex rivals last week, despite the lack of top-tier data from Switzerland. There are still no reports lined up from the Swiss economy today, leaving the franc following in the euro's footsteps.

JPY

The yen had a mixed performance as it reacted mostly to risk sentiment last Friday. There have been no reports released from Japan then and none are due today, allowing traders to position themselves ahead of the spending and inflation reports due later on this week.

Commodity Currencies (AUD, NZD, CAD)

The comdolls continued to sell off against the safe-havens, with the Loonie's tumble worsened after the release of Canada's CPI and retail sales figures. CPI data actually came in stronger than expected, but headline and core consumer spending fell short. Earlier today, New Zealand reported a 0.1% uptick in visitor arrivals and a 7.1% gain in consumer spending, which might contribute positively to overall growth. No other reports are lined up from the comdoll economies today.

By Kate Curtis from Trader's Way