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### POV: SEASONAL TRENDS PRESSURE THE USD ....>

FOREX
FOREX: ### POV: SEASONAL TRENDS PRESSURE THE USD 
- The seasonal theme in June displays broad USD weakness against a basket of
currencies and will look for the trend to continue.
- EURUSD up 6 of the last 7 years
- GBPUSD & AUDUSD up 9 of the last 11 years
- NZDUSD up 8 of the last 11 years
- USDCHF down 10 of the last 11 years
- USDJPY down 6 of the last 8 years
- USDCAD down 5 of the last 7 years
- RISK - Political tensions have calmed in Italy & Spain, despite this risk
factors remain with NAFTA and next week's FOMC where a more hawkish than
expected statement could wipe out this months early USD losses.

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