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31 May 2021

Forex Today: Markets cautiously optimistic in thin holiday trading, cryptos remain pressured

Here is what you need to know on Monday, May 31:

Markets are calm amid bank holidays in the US and the UK and after a volatile Friday. Investors seem to shrug off mixed data and virus concerns. Cryptocurrencies are on the back foot after suffering pressure over the weekend. German CPI is eyed.

The US dollar is edging lower amid cautious optimism in markets and after the greenback rapidly lost ground late on Friday. The move, attributed to end-of-month flows, came after US Core PCE beat estimates with 3.1% YoY. Monday's release of mixed Chinese Purchasing Managers contrasted concerns of overheating in the US. Beijing reported that the Manufacturing PMI came out at 51 points in May, marginally below estimates. 

Virus: The B.1.167.2 COVID-19 variant first found in India, continues raising concerns in Britain and also in Asia. Vietnam reported that a strain of that variant has been wreaking havoc in the country and India is ramping up its vaccine production.

GBP/USD is holding up around 1.42 despite worries that the spread of the variant may cause the government to delay the last stage of the reopening due on June 21. 

EUR/USD is hovering around 1.22 ahead of the publication of Spanish and German preliminary Consumer Price Index (CPI) figures for May. Moderate increases are projected. 

Bitcoin is struggling below $35,000 and Ethereum is changing hands under $2,400, extending losses sustained over the weekend. China reiterated its pledge to crack down on market manipulation, with efforts focused on commodities rather than digital assets at the moment 

Later in the week, a full buildup toward Friday's US Nonfarm Payrolls is set to grab attention. 

Wall Street Week Ahead (SPX QQQ): AMC apes escape the zoo and squeeze the bears

May 31, 2021

RBA seen on hold this week – UOB

Lee Sue Ann, Economist at UOB Group, sees the RBA leaving the policy rate unchanged at its meeting on June 1st. Key Quotes “We continue to expect the
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May 31, 2021

USD/INR Price News: Indian rupee stays firmer around two-month top below 72.50

USD/INR holds lower ground near 72.36, down 0.05% intraday, amid the initial Indian session on Monday. The Indian rupee (INR) pair dropped the most si
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