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US Dollar Rises Early Monday; GDP, Personal Income Key Focus

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The US dollar rose against its major trading partners early Monday, except for a small decline versus the pound, as markets look ahead to the final estimate of Q1 GDP and May data on personal income, spending and prices, both later in the week.

There are no US data on Monday's schedule, but Federal Reserve Governor Christopher Waller is due to speak at 9:00 am ET.

Tuesday's data slate includes the Philadelphia Fed's non-manufacturing reading for June, weekly Redbook same-store sales, and S&P Global's flash manufacturing and services readings for June.

Wednesday's highlights include current account data for Q1 and new home sales for May.

Thursday's busy schedule includes the GDP and personal income data, as well as weekly jobless claims, durable goods orders for May, and weekly natural gas stocks.

Advance trade data for June, and the final University of Michigan consumer sentiment reading for June are due to be released on Friday.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD fell to 1.1456 from 1.1476 at the Friday close and 1.1465 at the same time Friday morning. European Central Bank President Christine Lagarde is due to speak at 8:30 am ET, followed by Eurozone consumer confidence data for June at 10:00 am ET. ECB policy board member Philip Lane is scheduled to speak at 10:10 am ET, and Lagarde is set for another appearance at 11:15 am ET. The next European Central Bank meeting is scheduled for July 23.

GBP/USD rose slightly to 1.3236 from 1.3234 at the Friday close and 1.3233 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for July 30.

USD/JPY rose to 161.7240 from 161.2919 at the Friday close and 161.2914 at the same time Friday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.

USD/CAD rose to 1.4176 from 1.4175 at the Friday close and 1.4146 at the same time Friday morning. Canadian consumer price data for May is due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for July 15.

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