ANZ Research discusses the outlook for USD and JPY for the coming week.

"USD: The primary focus next week will be the global flash PMIs. Recent US economic resilience has marginally supported the USD, but we expect some of these gains to moderate in coming months as currencies of energy-importing economies recover, reducing the adverse impact of changes in terms of trade. The delayed effects of the US-Iran agreement combined with lower oil prices may contribute to a slightly softer USD in the coming week. Overall, we do not see any catalyst next week for a break above 101. Instead, we think the USD will remain within its recent 99.5– 101 range, but we have a small bias for a USD downside into the week ahead," ANZ notes.

"JPY: Next week, attention will turn to the June flash PMIs. In May, manufacturing showed strength at 54.5, while services were weaker at 50. Service prices reached their highest point since April 2014, mainly due to increased input costs resulting from the Middle East conflict. Overall, we maintain our near-term bias for a weaker JPY. A stronger JPY would likely require a combination of a more hawkish BoJ stance, reduced uncertainty around fiscal spending plans, declining energy prices and a weaker USD," ANZ adds.