This is what you need to know to trade today Monday, May 3:
The US dollar has started May with minor gains against the major currencies but declining against the currencies related to commodities. ISM’s Manufacturing PMI appears as the first clue for Non-Farm Payrolls and the Eurozone figures are of interest as well. Ethereum is trading above $ 3,000 for the first time.
The strong figures for Gross Domestic Product, Personal Income and Personal Spending last week for the US maintain the dollar offered against the euro, the pound, the yen and also the loonie as WTI Oil falls to around $ 63. Demand for the dollar comes despite a drop in yields on Treasuries, whose 10-year yield is falling to 1.63%.
Robert Kaplan, Chairman of the Dallas branch of the Federal Reserve, said the bank should start talking about tapering soon, showing a more aggressive view than President Jerome Powell’s outright rejection of such a move. Concerns about bubbles have been floating, however S&P 500 futures remain near record highs.
The Markit Manufacturing Purchasing Managers Final Ratios by April they are ready to confirm the optimistic outlook for the eurozone economies as the vaccination campaign progresses.
The UK bank holiday does not prevent political speculation from weighing on the British pound. The British Prime Minister, Boris Johnson, he’s under pressure for asking Conservative Party donors to fund a redecoration of his residence in Downing 10.
It is anticipated that the US ISM Manufacturing PMI for April it exceeded the high scores of 64.7 in March, showing strong activity in the industrial sector. The post serves as a clue to Friday’s all-important Non-Farm Payroll report.
April ISM Manufacturing PMI Preview: Let the Good Times Come
The Ethereum, the second-largest cryptocurrency in terms of capitalization, surpassed the $ 3,000 mark early Monday after winning over the weekend. Reuters reported that the European Investment Bank could launch a bods sale on the Ether blockchain. Reports that Andreessen Horowitz, a renowned venture capital firm, is considering a $ 1 billion crypto fund, have been added to the broader space of digital assets.
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