This is what you need to know to trade today Monday, May 31:
Markets are calm after a volatile Friday as it is a public holiday in the US and UK. Investors seem to ignore the mixed data and concerns about the virus. Cryptocurrencies are on the defensive after coming under pressure over the weekend. The German CPI in focus.
The American dollar it is slowly falling amid cautious optimism in the markets and after rapidly losing ground late on Friday. The move, attributed to month-end flows, came after the US core PCE beat estimates at 3.1% year-on-year. Monday’s release from mixed purchasing managers in China contrasted overheating concerns in the US Beijing reported that the manufacturing PMI stood at 51 points in May, slightly below estimates.
Virus: COVID-19 variant B.1.167.2, first found in India, continues to cause concern in Britain and Asia as well. Vietnam reported that a strain of that variant has wreaked havoc in the country and India is increasing its vaccine production.
The GBP/USD it remains around 1.42 despite concerns that the spread of the variant could cause the government to delay the last stage of the reopening scheduled for June 21.
The EUR/USD It is around 1.22 before the publication of preliminary figures for the Consumer Price Index (CPI) for Spain and Germany for May. Moderate increases are expected.
The Bitcoin is struggling below $ 35,000 and Ethereum is changing hands below $ 2,400, extending the losses suffered over the weekend. China reiterated its commitment to crack down on market manipulation, with efforts focused on commodities rather than digital assets at this time.
Later in the week, Friday’s US Non-Farm Payrolls will take center stage.
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