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Charts to Start a Critical Week for the US Dollar

Charts to Start a Critical Week for the US Dollar

Talking Points:

- Significant Euro-Zone and US event risk dots the calendar this week.

- European currencies among weakest performers versus greenback.

- See the DailyFX economic calendar for Monday, June 1, 2015.

To say it's an important week for the US Dollar is an understatement. With the Euro and the Japanese both on the skids - the Euro due to concerns about Greece and the pace of the ECB's QE program, the Yen due to concerns that the BoJ won't be able to meet its inflation target - the moment is ripe for seizure by the US Dollar.

This week is under a microscope because of the sheer amount of USD-specific event risk on the table, never mind several key Euro-Zone and German data prints and an ECB meeting that's sure to provoke even greater volatility in EURUSD over the coming days.

The big test is whether or not the initial round of May economic data, with the May Nonfarm Payrolls report capping off the week, picks up the data momentum baton from the past few weeks. Several key April indicators met or beat expectations, including the CPI, Durable Goods Orders, Housing Starts, and Nonfarm Payrolls reports. A robust week of economic data (starting today with the May US ISM Manufacturing gauge) will do wonders to a) convince investors that the Q1'15 growth lull was transitory, b) boost hopes for a stronger Q2'15 GDP reading, and c) stoke speculation that the Fed could raise rates in Q4'15.

See the above video for technical considerations in EURUSD, USDJPY and the USDOLLAR Index.

Read more: EUR/USD Faces Week Flush with Event-Driven Volatility

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.