EUR/USD - 1.2053
Euro's rally on Mon from 1.2014 (Europe) to 1.2075 due to usd's weakness in New York suggests 1st leg of correction fm Apr's 8-week peak at 1.2149 has ended and 1-2 days of choppy consolidation is in store.

Expect 1.2116 to cap intra-day gain and yield decline, below 1.2035/40 signals recovery over and yields re-test of 1.2014, then 1.1994 later.

Data to be released on Tuesday :
Australia trade balance, imports, exports, RBA interest rate decision.
France budget balance, Swiss consumer confidence, U.K. markit manufacturing PMI.
U.S. trade balance, redbook, ISM New York index, durables ex-defense, durable goods, factory orders, durable ex-transport, Canada building permits, trade balance, exports, imports, New Zealand GDT price index.

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