Review of major currencies

USD - The dollar will strengthen its position as a safe haven, if the markets will return to the reaction to Brexit, but if the mood changes, USD may begin to decline, particularly against commodity currencies. The dollar should soon gain traction, or uncertainty will begin to grow rapidly. Also today comes an important report on the PCE inflation.

EUR - ECB and Europe need to do something with the banks to avoid a credit crunch and a cooling economy. Many overpraise the positive current account balance in Europe, considering that this is a plus for the currency, forgetting that, among other things, it is a sign of Europe's dependence on the world economy - in particular this applies to Germany with unprecedented high export intensity.

JPY - Yen can keep up with the dollar, if the current rise in risk appetite quickly fade away and turn into a new wave of sales of risky assets - but the real threat of intervention and incentives already looming on the horizon - perhaps the new measures will be taken after the elections to the upper house of parliament on July 10.

GBP - Pound may continue to decline, but, given the scale of the new range, consolidation could make it difficult for the bears to find the entry point. Yesterday's high at 1.3400 in the pair GBP/USD is the first pivot point after the Brexit.