The USD is starting the week lower vs the major currencies - the EUR, JPY & GBP. ...Middle East

The week on the economic calendar is fairly light with US CPI on Wednesday, UK GDP on Thursday along with Initial jobless claims which are pushing higher lately, and Univ. of Michigan. Below is a look at the major releases and expectations:

GBP Claimant Count Change (Tue 2:00am): 9.5K forecast vs 5.2K prior

USD CPI m/m (Wed 8:30am): 0.2% forecast vs 0.2% prior

GBP GDP m/m (Thu 2:00am): -0.1% forecast vs 0.2% prior

USD PPI m/m (Thu 8:30am): 0.2% forecast vs -0.5% prior

CNY New Loans (Fri tentative): 890B forecast vs 280B prior

USD Prelim UoM Inflation Expectations (Fri 10:00am): Prior 6.6% (no forecast listed)

Overnight, China's consumer inflation remained soft in May, with CPI falling 0.1% year-over-year, slightly better than the -0.2% expected and unchanged from April. On a monthly basis, CPI declined 0.2%, in line with forecasts. Meanwhile, producer prices (PPI) dropped 3.3% year-over-year, a deeper decline than the -3.2% expected, highlighting continued deflationary pressure in the industrial sector.

Lookig at the US stocks, they are now higher. The futures are implying:

Dow up 64 pointsS&P is up 9 pointsNasdaq is up 13.5 points

The US yields remain near the 4% for 2 year, 4.5% for 10-year and 5.0% for the 30 year.

This article was written by Greg Michalowski at www.forexlive.com.

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