European currencies were under pressure Monday 23rd May against the US Dollar as the greenback looked set to turnaround the decline it made into the close of last week. With the Euro and British Pound trading down over 100 cent and pence respectively by time the US session got underway.

With the single European currency reacting to Greece debts being downgraded towards the end of last week, any strength in the Dollar was sure to see a sustained fall as nervy traders look to dump Euro. The British Pound, already at six week lows against the Dollar, certainly looked a likely candidate to make further falls despite being subject to decent news regrding employment last week.

All eyes will now be focused on the US employment data due this week, and durable goods reports. Throw into the mix German GDP and UK revised GDP then we could be set for quite a volatile week onboard the Euro currencies. Certain if the US reports any news to support the Dollar in the short term there could be a break for lows and further over the coming days.