USD on top as Fed blackout begins -The........>

FOREX: USD on top as Fed blackout begins

-The greenback was the best performing currency Friday, with the USD index

looking to close in the better-half of the week's range although well off the

highs. The Fed blackout period begins at the end of today, leaving markets to

ponder the (at times, confusing) recent Fedspeak. The USD index now sits just

below the 100- and 50-dmas at 97.175 and 97.181 as well as downtrendline

resistance drawn from the late May high at 97.396. 

-EUR was among the weakest in G10, with the single currency coming under

pressure throughout the session as analysts become more expectant of further ECB

action as soon as July. A late-in-the-day report from Der Spiegel also weighed,

suggesting the ECB could restart their bond purchase program by November. CAD

also traded poorly, slipping sharply as retail sales fell below expectations,

helping boost USD/CAD briefly above C$1.31.

-Eurozone PMIs, German IFO, US GDP and the ECB rate decision are the highlights

of the coming week. It's also a busy week for earnings, with over a third of the

S&P500 by market cap reporting.