EUR/USD
The euro surged against the dollar on Monday, soaring above 1.13, amid contentious comments regarding the United Kingdom and Greece's depressing long-term status in the European Union. On Monday, United Kingdom prime minister David Cameron denied making comments that other ministers will lose their position if they refuse to back him in a referendum for the nation to leave the EU in 2017. Speaking to reporters at the G7 summit in Germany, Cameron said that his comments regarding a Brexit were "misinterpreted." Meanwhile, Greece proclaimed a new willingness to compromise with its international creditors on Monday, as German Chancellor Angela Merkel warned that time was running out for a reform-for-aid deal to keep the country in the euro.
GBP/USD
The pound slipped lower against the U.S. dollar on Monday, re-approaching a one-month trough, as demand for the greenback remained broadly supported by Friday's upbeat U.S. employment data.
USD/JPY
The yen strengthened on Monday, after data suggested the economy grew faster than earlier estimated in the first quarter. Japan revised first quarter GDP up to a pace of 1% quarter-on-quarter from a preliminary 0.6% gain and an expected upward revision to 0.7%. The revised GDP data showed the economic recovery has gained traction, reaching a 3.9% annual growth rate, and overcoming the drag from last year's sales tax hike, and economists expect GDP to mark the third straight growth quarter in April-June, but at a slower pace.
