Here is what you need to know on Monday, June 24:

The US Dollar (USD) struggles to find demand at the beginning of the new week after outperforming its rivals on Friday. IFO business sentiment data from Germany will be featured in the European economic docket on Monday. Later in the day, Chicago Fed National Activity Index and Dallas Fed Manufacturing Business Index will be featured in the US economic docket. Investors will also continue to assess comments from central bank officials.

Upbeat PMI data from the US on Friday helped the USD gather strength ahead of the weekend. The USD Index extended its weekly uptrend and reached its highest level since early May near 106.00. In the European session on Monday, the USD Index stays in a consolidation phase above 105.50. Meanwhile, US stock index futures trade mixed, while the benchmark 10-year US Treasury bond yield fluctuates at around 4.25%. 

The Bank of Japan's (BoJ) Summary of Opinions from its June monetary policy meeting showed that some policymakers voiced their preference for raising interest rates amid upside risks to inflation. USD/JPY closed the seventh consecutive day in positive territory on Friday and came in within a touching distance of 160.00, reaching the highest level since the BoJ intervened in foreign exchange markets late April. Early Monday, the pair corrects lower but holds above 159.50. Japan's top currency diplomat, Masato Kanda, reiterated earlier in the day that they stand ready to intervene if necessary. 

EUR/USD registered small losses on Friday but managed to recover back above 1.0700 in the European morning on Monday. 

GBP/USD stretched lower on Friday and closed the third consecutive week in negative territory. The pair holds steady at around 1.2650 to start the new week.

After rising sharply on escalating geopolitical tensions on Thursday, Gold erased its weekly gains on Friday amid broad-based USD strength. XAU/USD holds its ground on Monday and trades above $2,320.