U.S. Forex Market Commentary

EURO The euro gained significant ground-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3985 level and was supported around the $1.3805 level. Several factors contributed to the dollar’s demise today. First, May headline consumer price inflation was up 0.1% m/m and off 1.3% y/y with the ex-food and energy component up +0.1% m/m and +0.8% y/y. The headline year-over-year decline was the sharpest in some 60 years. Second, it was reported the