US Market Wrap: Trading slows for May Day
- Australia: Building Permits-March 0130 GMT
- China: Caixin Manufacturing PMI-April 0145 GMT
- ISM Manufacturing PMI-April (Actual 50.8 vs. forecast 51.4)
- Markit Manufacturing PMI-April (Actual 50.8 vs 5.0)
- Construction Spending (Actual 0.3% vs. forecast 0.5%)
Forex markets weren’t especially busy on Monday, taking their cue from overseas where many markets were closed for a May Day holiday. Still there were enough distractions to keep traders interested. This morning’s PMI data came in below forecast, but still remained in expansion territory.
EURUSD ended the day at the high supported by higher-than-expected Eurozone PMI data and weaker than expected US data. USDJPY went nowhere while GBPUSD buyers came out of the woodwork. AUDUSD traders bought the currency, seemingly unfazed ahead of the Reserve Bank of Australia interest rate announcement due out on Tuesday, despite the risk of a rate cut.
WTI was at $46.07/barrel in the early morning and then declined steadily to end the day at $44.87/b, just above the $44.54/b low.
If you are looking for a quick recap of what may move and shake markets this week, check out Trading Floor's: Daily Shot: Powerful yen could knock inflation, undermine BoJ
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– Edited by Robert Ryan
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.