USD review

Western Union notes: 

America's smaller first quarter contraction was largely met with a yawn by markets, old news with the end of the current quarter in sight. Still, the upgrade spoke better about the economy's underlying health which is supportive of the case for the Fed to boost interest rates. U.S. growth contracted 0.2 percent last quarter, a fraction of the previous reading of -0.7 percent. 

U.S. yields have generally been on the upswing in the wake of news this week of the fastest existing and new home sales in years. Dollar sentiment also brightened in remarks from Fed Gov. Jerome Powell who acknowledged this week that he was in the two rate hikes by year-end camp. 

Once Greece fades to the background the dollar could make a fresh run higher, providing U.S. data fuel the rate debate and the Fed seems more likely to lift lending rates sooner rather than later.