FX Update: The dollar extended Friday's declines
FX Update: The dollar extended Friday's declines during the Asian session, when USD-JPY lost over 1% and EUR-USD gained over 0.5%, before demand for dollars resurfaced during the European AM session, aided by the latest economic outlook from the OECD which endorsed Trumpenomics, forecasting U.S. growth of 2.3% in 2017, above 1.6% for the Eurozone and 1.0% for Japan. The dollar didn't fully unwind its losses, however. USD-JPY recouped to around 112.35, up a big figure from the Tokyo-session low but still down by net 0.7% on the day having closed on Friday around 113.15. EUR-USD ebbed back to the low 1.06s after making an eleven-day peak at 1.0685. Sterling underperformed, perturbed by an unfavourable post-Brexit vote prognosis by the OECD.