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European stock markets finish the day lower
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US and UK markets closed for a holiday
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USD dips against major currencies
European stock markets finished Monday’s trading lower amid subdued volume - US and UK markets remained closed due to a long holiday in those countries (Memorial Day in the US and Bank Holiday in the UK). The German DAX fell 0.64%, the French CAC 40 dipped 0.57% while the Dutch AEX dropped 0.55%. Despite a holiday in the US, stock futures markets were open - US futures fell slightly in a shortened trading session.
FX traders might have spotted some bigger moves in the afternoon European time as the US dollar sank sharply against EUR, GBP or JPY. Oil prices advanced ahead of tomorrow’s OPEC+ meeting. Gold and silver prices posted some minor gains.
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Create account Try a demo Download mobile app Download mobile appMarkets paid attention to several inflation reports that were released throughout session. CPI from Germany for May came in above expectations (2.5% YoY vs exp. 2.3% YoY). Year-over-year CPI figure form Italy exceeded the consensus estimate as well (1.3% YoY vs exp. 1.0% YoY).
Tomorrow’s trading will be focused on Manufacturing PMI reports from numerous countries, including China, Germany, France or the United States. Investors will pay attention to ISM Manufacturing for May from the US too. Also, the RBA will release its interest rate decision at 5:30 am BST - an event that might potentially move the Australian dollar.
EURUSD continues to move higher as the US dollar dipped in the afternoon. The main currency pair bounced off the lower limit of an upward channel and climbed above 1.2220 despite thinner volume. Source: xStation5
