The dollar is giving back some of its early...>

FOREX: The dollar is giving back some of its early gains this morning following

a strong finish to last week amid the EM meltdown. 

- EURUSD decisively broke below key support at 1.1509 last week, pressured by

the lira selloff. The pair is struggling to push above 1.1400 but is off its

lows of 1.1369.

- JPYUSD underperformed last week amid the global risk aversion, with the pair

breaking below its 55-DMA as well as uptrend support. Yen crosses came under

severe pressure and will continue to be driven in the near term by headline risk

out of Turkey. The downtrend in USDJPY looks set to continue regardless,

however, following the break of support. The pair trades at 110.61.

- AUDUSD has recovered from its early lows today but remains below the

resistance-turned-support following last week's downside break. The pair has

recovered from its 0.7520 lows in early trading, and currently sits at 0.7290.

- GBPUSD underperformed last week on Brexit concerns with Monday's break below

the July 19 lows setting the tone for the week. The pair trades at 1.2768, off

its early lows but showing no real sign of reversing its downtrend.