IForex Daily : May 26, 2014

 | May 26, 2015 03:31AM ET

In a day where trading volumes were subdued, as markets were closed for holidays in U.K., Germany and the U.S., the dollar remained high against most currencies, still supported by Friday's positive inflation data from the U.S. and by clear indications that the Fed may proceed to the long awaited interest rate hike before the end of the year. In Greece, Interior Minister Nikos Voutsis warned that the country would be unable to make a €305 million payment to the International Monetary Fund due on June 5 if a deal is not reached that will unlock further funds in exchange for the long awaited list of reforms. For this week, markets will be looking for further clues of improvement in the U.S economy ahead of announcements including durable goods orders, house prices, manufacturing, jobless claims and consumer confidence later in the week.

EUR/USD

The euro fell to one-month lows against the stronger dollar on Monday, pressured by Friday's strong consumer prices, and as concerns over Greece continued to weigh on the single currency. The euro remained under heavy selling pressure with the possibility of a Greek default still weighing on prices.

On Sunday's Greece's Interior Minister Nikos Voutsis warned that the country cannot pay the IMF for what is due on June 5 if a deal is not reach that will unlock further funds for the country. For today, traders will be watching closely on data from the U.S., including durable goods orders, house prices, new home sales, manufacturing and consumer confidence data, due later in the day.