USD review

The US dollar is trading close to 2-week lows against a basket of currencies after largely disappointing US economic data last week encouraged more traders cut their USD long positions. 

However, Friday's US inflation data provided some relief for the US currency. The data kept alive the possibility of the Fed raising interest rates by June, although market data suggests a higher probability of a hike much later in 2015. 

Uncertainty about Greece's financial outlook could continue to provide the US dollar with safe haven support this week despite growing doubts about the strength of the US economy before next week's major US trading point. On April 29th US GDP estimates may show a considerable Q1 slowdown in economic growth. The same day the Fed will make its latest interest rate announcement.