Investing.com - The Japanese yen reversed course and
strengthened on safe having buying on Monday in Asia with the
market focused on events in Iraq with sources saying that Iran and
the United States will discuss the sectarian tensions this week as
part of broader talks about Tehran's nuclear program.
USD/JPY traded at 101.87, down 0.12%, after a weak start.
The Reserve Bank of Australia's Christopher Kent, assistant
governor (Economic) speaks in Sydney on "Labour Markets" (at 1320
Sydney, or 0320 GMT.) But there is no data in Australia, China or
AUD/USD held at 0.9392, down 0.11%.
Last week, the dollar ended flat against a basket of other major
currencies as escalating tensions in Iraq underpinned safe haven
demand for the greenback, offsetting an unexpected decline in U.S.
Concerns over the ongoing Sunni insurgency in Iraq remain and
are affecting the broad investment markets because of the potential
to disrupt oil flow and spark wider clashes in the region,
particularly among the Shite and Sunni branches of Islam. Iran is
Iraq's neighbor, though the two countries fought a bitter war
through much of the 1990s.
The escalating violence in Iraq overshadowed a report showing
that U.S. consumer sentiment unexpectedly deteriorated in June.
The preliminary reading of the University of Michigan's consumer
sentiment index for June came in at 81.2, down from 81.9 in May,
missing expectations for an uptick to 83.0.
The US Dollar Index, which tracks the performance of the
greenback versus a basket of six other major currencies, fell 0.08%
In the week ahead, investors will be focusing on the outcome of
Wednesday's Federal Reserve policy meeting, while Monday's
preliminary report on euro zone inflation will also be closely
Also on Monday, Canada is to publish a report on foreign
The U.S. is to produce data on industrial production and
manufacturing activity in the Empire State.
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