Better German CPI and French GDP Monday may pave the way for a euro reprieve. The Swiss franc was the top performer in holiday-thinned trading Monday while the yen lagged. The week ramps up in a big way from here starting Japanese jobs, household spending and industrial production. The Premium Video of existing and new trades will be posted on Tuesday evening after the month's close of indices, FX & metals.
The euro is in the midst of testing the 200-day moving average and the uptrend since December. On Monday, it got some help from Germany and France. German HICP rose 0.4% m/m in May compared to 0.3% expected. That took the country out of deflation in year-over-year terms. France reported Q1 GDP at 0.6% q/q compared to the 0.5% consensus. Better investment was behind the beat.