This is what you need to know to trade today Monday May 2:
The dollar started the first trading day of May on a strong footing after weakening against its main rivals on Friday. The cautious market mood helps the dollar find demand in the early part of Monday as investors await consumer and business confidence data from the euro zone. Later in the day, the ISM will release April Manufacturing PMI data for the US. In the early trading hours of the Asian session on Tuesday, the Reserve Bank of Australia (RBA) will announce its rate decision. of interest.
Rising geopolitical tensions and heightened concerns about a slowdown in global economic activity prevent a rally in risk from gaining momentum at the start of the week.
The European Union (EU) reportedly plans to phase out Russian oil imports by the end of the year and the Financial Times reported that China has discussed with banks how to protect their assets in case the US imposes sanctions.
Beijing announced on Sunday that it will ban eating in all restaurants and require residents to provide a negative COVID test to enter public places. This comes as the nation heads into a five-day holiday season. Meanwhile, data from China over the weekend showed that economic activity in the private sector contracted at a stronger pace in April than in March.
The EUR/USD struggling to capitalize on Friday’s gains and trading in negative territory slightly above 1.0500. In an interview with Bloomberg on Sunday, European Central Bank (ECB) Vice President Luis de Guindos said an ECB rate hike was “possible but not likely” in July.
The GBP/USD It trades in a relatively tight range around 1.2500 after gaining more than 100 pips on Friday. UK markets are closed due to the early May bank holiday on Monday.
The USD/JPY it dipped towards 130.00 early in the Asian session, but started to rise in the European morning. The 10-year US Treasury bond yield is holding on to small gains of around 2.95%.
The Prayed is pushing lower and trading below $1890, pressured by the coronavirus-related lockdowns in China.
The Bitcoin it struggled to make a decisive move in either direction over the weekend and was last seen hovering near $39,000. The ethereum It was up nearly 4% on Sunday but continues to trade below the key $3,000 level early Monday.
Source: Fx Street

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