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Hardy: The FX week ahead

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Saxo Bank's Head of FX Strategy, John Hardy, looks at the week ahead for FX. Starting with the question; can the USD rally continue? John sees the possibility of a US rate hike "less distant" after healthy data from the US, with both the ISM and the Non Farms Payroll numbers improving sentiment.            

The Euro has been trading passively, according to John Hardy, who sees the recent ECB stimulus as a "damp squib". Germany's industrial production dropped in May, down by almost two percent, worrying most economists who'd expected better. Weaker German data is a "growing theme" says John Hardy.

Technically, the focus this week will be on the 1.3500 range in  EURUSD in what will be a quiet week with little US data expected.

John also looks at GBP and CAD. With Canadian PMI data out at the start of the week. USDCAD has reached key long-term support levels and the BoE rate announcement due on Thursday.