The US dollar rose against most major currencies following a nationwide strike in Greece and an overstated economic indicator from China. Around 10,000 people protested across Athens creating instability in the region. Meanwhile, a statement released by the Conference Board cited a calculation error in China's leading economic indicator which reported a rise of 1.7% against the corrected 0.3%. Daunting reports in the global economy increased risk aversion and a flight to the safety of the dollar.

The euro slid further as union strikes hit Greece and Spain. The fifth major strike led by union protestors, dampened tourism and public transportation. In Spain, workers shut down Madrid's metro system in protest of a 5% public sector pay-cut. Further weighing on the euro are the concerns about the funding situation of banks who are about to repay 442 billion euros to the European Central Bank. Current events have raised more concerns over the recovery in the Eurozone.

The British pound pared gains with the dollar as investors fear funding concerns in the Eurozone. Domestically, British mortgage approvals were lower-than-expected at 49.8K in May from its forecasted 51.0K. Analysts expect a murky housing market to follow the slow economic recovery this year.

The Canadian dollar weakened against the US dollar following concerns about China's growth, repayments to the European Central Bank, and weakening oil prices. In reaction to recent events, many investors have become increasingly risk averse, adding pressure to the Canadian dollar.

The Japanese yen gained broadly across most major currencies as fears about the Eurozone raised the safe-haven appeal for the yen. Domestically, Japan's exports fell to 32.1% in May from 40.4% and retail sales dropped to 2.8% in May from 4.9% in its previous month.

The Australian and New Zealand dollars fell vs. the US dollar on risk aversion as investors worry about recent protesting in the Eurozone. Social instability in Europe has decreased investor's appetite for riskier currencies.

The Mexican peso weakened against the dollar as investors fear the impacts to the country's politics from the killing of Rodolfo Torre, a candidate for governor in the Mexican state of Tamaulipas. The murder on Monday is the worst sign so far of political intimidation by Mexico's underground groups.

Indicative rates:EUR/USD
















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