US Market Wrap: FX majors drift sideways on US holiday
- New Zealand: Building Permits 2245 GMT
- Japan: Unemployment Rate 2330 GMT
US Data released:
- Nothing of note
US markets were closed for Memorial Day, leaving Canada to carry the FX ball and as usually occurs on an American holiday, Canadian traders took the day off, in spirit if not in reality.
USDCAD had a brief flurry of activity following the release of Canada Current Account data. It was weak and USDCAD moved higher. That move didn’t last as the data was supposed to be weak and USDCAD closed just slightly higher than where it opened.
Oil prices drifted higher in very thin trading rising from a low of $49.17/barrel to $49.58/b at the close with traders waiting (hoping) for insight from the Opec meeting on Thursday.
The supply shock from the Fort McMurray wildfires is starting to abate. Suncor (SU: TSE) announced it had began “staged restarts” with some production coming on line last week.
Janet Yellen’s apparent endorsement on Friday, of prior Federal Reserve speakers June/July rate hike views, will increase the focus on tomorrow's US data which includes Chicago PMI, Consumer Confidence, Case Shiller Home Price Index and PCE.
For a view on what to expect from Thursday’s ECB meeting check out Trading Floor contributor, Juhani Huopainen’s article: How the ECB plans to fly under the markets’ radar.
-- Edited by Adam Courtenay
Michael O'Neill is an FX consultant at IFXA Ltd. Follow Mike or post your comment below to engage with Saxo Bank's social trading platform.
Missed a day? Here’s what we had to say during our Asian session and our regular European Morning Markets, From the Floor and Mid-session Europe.