Forex Today – Asian Session: The Dollar Ends May on the Right Foot

What you need to know on Tuesday, June 1:

The last trading day of May saw the dollar lose ground, despite the US holiday and the UK kept volumes limited. The US currency ended the month on the defensive against most of its main rivals as speculative interest tries to digest mounting US inflationary pressures and whether the Federal Reserve will act accordingly.

Asian and European stock markets fell, trailing the same pace as US futures, as US markets remained closed due to the Memorial Day celebration. Markets were also closed in the UK amid the spring bank holiday.

EUR / USD closed around 1.2230, while GBP / USD closed for the day around 1.4200, both posting substantial gains on a monthly basis.

AUD / USD remained subdued and settled around 0.7730 as investors await the RBA’s decision. The USD / CAD continued to slide amid the weakness of the dollar, which is now hovering around 1.2060. As for the USD / JPY pair, it continued to decline from the 110.19 published last week.

The action was limited around commodities, with gold hovering above $ 1,900 a troy ounce and a barrel of WTI stable above $ 67. OPEC + will meet later this week.

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