The US dollar's strong advance in the second half of May showed signs of tiring as last week drew to a close. It could be a function of month end flows, but the magnitude of the dollar's advance and the near-term event risk will likely encourage more defensive activity. Next week's calendar is chock full of events, including RBA, ECB and BOE central bank meetings, OPEC's semi-annual meeting, as well as a slew of economic data, including eurozone flash CPI, the monthly PMI readings, and the US jobs report. The risk is for some backing and filling and in the current context this could give the dollar a heavier bias. ... (full story)