Estimates for economic data to be released in European trading hours on Monday, June 1, 2009:

US Dollar: Will Heavy Event Risk Stem the Bleeding? Euro Outlook to Depend on ECB Rhetoric, S&P 500 Performance Yen Loses on Carry Demand, Data to Highlight Economic Downsides British Pound Remains Overbought After Rally Above 1.61 Swiss Franc To Face 1Q GDP, Record-Drop in Consumer Price Growth Canadian Dollar Surge May Slow on Critical Economic Event Risk Australian Dollar’s Strength Hinges on GDP and RBA Decision New Zealand Dollar Looking To Ride Rising Commodity Demand

Unlike the week prior, there weren’t many major economic releases for Japan, and we ultimately saw the Japanese yen fall 0.6 percent against the US dollar, more than 2 percent against the British pound and Swiss franc, roughly 3 percent against the Australian dollar and Canadian dollar, and a whopping 3.9 percent against the New Zealand dollar.

GBP/USD broke clear above resistance at the 38.2 percent fib of 2.0160-1.3503 at 1.6049 on Friday, as the greenback fell sharply across the majors. However, GBP/USD remains very overbought according to daily RSI, and while extremes can hold for days and weeks, the moves suggest the pair could turn lower at any time, making it dangerous to buy into the trend.

The dollar fell steeply to multimonth lows against several currencies Friday as a report saying the U.S. economy is still shrinking couldn’t sink investors’ taste for riskier assets.