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The New Zealand dollar strengthened against other major currencies in the Asian session on Monday, as Asian stock markets traded higher in reaction to the unexpected cooler-than-expected U.S. inflation for May.

Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from global markets on Friday, as traders react to the unexpected cooler-than-expected US inflation for May. Asian markets closed mixed on Friday.

The Australian stock market is slightly higher on Monday, extending the gains in the previous session, with the benchmark S&P/ASX 200 staying a tad above the 7,200 level, following the broadly positive cues from global markets on Friday, with miners pushing the market higher amid improved commodity prices.

U.K. stocks rose on Friday as weak manufacturing and non-manufacturing data from China raised bets of more stimulus measures.

Indian shares opened on a strong note Friday, as encouraging U.S. economic data and positive results from the Federal Reserve's annul stress tests of banks outweighed concerns over further policy tightening by major central banks.

Commodity currencies such as the Australia, the New Zealand and the Canadian dollars weakened against their major rivals in the Asian session on Wednesday, as the crude oil prices drop amid concerns about the outlook for fuel demand due to economic slowdown, and rising prospects of more interest rate hikes.

Commodity currencies such as the Australian, the New Zealand and the Canadian dollars strengthened against their major rivals in the Asian session on Tuesday, as concerns over Russia subsided following an aborted uprising.

Federal Reserve Chair Jerome Powell's hawkish comments at the congressional testimony lifted the Dollar higher against most currencies during the week spanning June 16 to 23.

Asian stocks ended mostly lower on Monday, with interest-rate worries and geopolitical tensions in focus.

The Canadian market is likely to open on a negative note Thursday morning, tracking lower commodity prices and weak European stocks.

There has been little follow-through from the dollar selling we saw late last week. Currently, global markets present a curious picture of steeply inverting yield curves – which occasionally forewarn recession – but bid equity markets.

Weakness in equities spread to Europe yesterday, and into Asia this morning. People are concerned about the recent rally looking tired as we have been forecasting, and that China is continuing to slow.

The commodity market is currently being impacted by various factors, causing Brent crude oil prices to decline.

The forex market had a calm start to the week but still a very busy week ahead, anticipating policy updates from the Fed (Wed), ECB (Thurs), and BoJ (Fri) in the upcoming days.

Expert market comment from senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Dollar index: bearish tech picture vs bullish fundamentals

Claims for Unemployment benefits in the latest week out of the US surprised markets, surging to 261,000 from 233,000 previously and higher than estimates at 236,000. The sharp rise in US jobless claims had traders speculating that the Federal Reserve will refrain from any rate hikes in its June meeting. The 10-year US bond yield tumbled to 3.72% from 3.76%.

While I believe that the recent gains of EUR/USD have been exaggerated and may lead to a near-term correction lower, I anticipate that the combination of factors influencing the currency pair will generally remain positive, enabling it to regain more strength over the next 6-12 months.

Expert market comment from senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Above-expected inflation failed to impress Pound buyers

Hawkish comments from Fed officials will always cause pause for thought in the Gold fraternity. We should certainly be expecting further rate hikes from the Federal Reserve.

In April, the dollar underwent a slower correction compared to March. In response to persistent inflation, the Federal Reserve raised its key rates by 25 basis points to 5.00%-5.25% at the start of May.