USD Still No Direction In European Session!

<p>&nbsp;The greenback traded little changed in the European session as investors awaited clearer direction in market movements earlier in the week.</p><p><br /></p><p>Against a basket of major currencies, the dollar index, which measures the strength of the greenback, traded flat at around 102.76.</p><p><br /></p><p>The euro pared losses recorded last week after being pressured by dismal European Zone manufacturing and services PMI data in June.</p><p><br /></p><p>The pound was little changed, still caught up with last week's Bank of England (BOE) decision to raise interest rates by 50 basis points and PMI data showing weakness in UK economic activity.</p><p><br /></p><p>Focusing on investors this week is the release of the final reading of gross domestic product (United States) data for the first quarter which is expected to record 1.4% growth.</p><p><br /></p><p><br /></p><p>Meanwhile, the yen continued to trade weakly at record lows even after the currency's diplomats said authorities had not ruled out the possibility of taking appropriate action against the currency's volatile movements.</p><p><br /></p><p>The continued weakness of the yen also caught the attention of Bank of Japan (BOJ) policy makers who called for an early review of the yield curve control (YCC).</p><p><br /></p><p>In the meantime, investors continue to closely monitor developments in Russia, after the Wagner group withdrew from the city of Rostov after a deal was reached last Saturday.</p><p><br /></p><p>On the other hand, the Aussie dollar remained trading lower, while the New Zealand dollar was stable against the US dollar.</p>