A Quiet Start to the Week with Europe on Holiday

It was a relatively quiet end to the week on Friday with the market still looking bid despite a miss in the US GDP data in the New York session. Across the currencies, UsdJpy finished the week trading near the highs as did both the Cable and Euro, with the commodity currencies firmly on the back foot and trading on their lows.

It should be a pretty quiet start to the trading week today as the majority of markets in Europe will be closed for the May Day and Labour Day holidays.

We did have some Chinese data released over the weekend in the form of the PMI numbers, manufacturing and non manufacturing and both came our slightly lower than expected which should keep the downside pressure on the antipodean commodity currencies.

Into the US session today and we do have some fundamental data releases due from the US, with the Personal spending numbers out at 10.30 pm and the ISM Manufacturing data at 12.00 am.

So expect range bound markets to persist with traders of course keeping a sharp eye on the newswires for any change to the current Geo Political concerns that are influencing the market.

Rakuten Securities Australia Review