Global Markets:
- Asian stock markets: Nikkei up 0.15 %, Hang Seng rose 0.10 %, ASX 200 declined 0.45 %, Shanghai Composite closed for holiday
- Commodities: Gold at $1266 (-0.15 %), Silver at $17.34 (+0.15 %), WTI Oil at $49.65 (-0.30 %), Brent Oil at $52.40 (-0.25 %)
- Rates: US 10-year yield at 2.25, UK 10-year yield at 1.01, German 10-year yield at 0.33
News & Data
- Asia stocks edge up on firmer Wall Street, pound nurses losses – RTRS
- Oil falls as U.S. drilling undermines drive to tighten markets – RTRS
CFTC Positioning Data:
- EUR long 65K vs 38K long last week. Longs increased 27K
- GBP short 24K vs 33K short last week. Shorts trimmed 9K
- JPY short 52K vs 60K short last week. Shorts trimmed 8K
- CHF short 20K vs 21K short last week. Shorts trimmed 1K
- CAD short 99K vs 98K short. Shorts increased 1K
- AUD long 3K vs 6K long. Longs trimmed 3K
- NZD short 9K vs 12K short last week. Shorts trimmed 3K
Markets Update:
Markets remained quiet overnight amid a lack of economic data releases and Chinese markets closed due to a public holiday.
EUR/USD started the trading week around 1.1175 and declined to 1.1160. Support at 1.1160 is looking increasingly vulnerable, and a break below would signal a move towards 1.11. GBP/USD opened around 1.2795 and recovered to 1.2825 in Asia. However, the currency is likely to remain under pressure ahead of the UK elections.
USD/JPY began the trading day at 111.20 and rose to 111.45 before it lost momentum. Key support is seen at 110.80 and 110.50, while resistance lies ahead of 112.
Markets are likely to remain quiet today, with a speech by ECB President Draghi the only notable event and UK & US markets closed for a holiday.
Upcoming Events:
14:00 BST – ECB President Draghi speaks
The Week Ahead:
Tuesday, May 30th
- 00:30 BST – Japanese Household Spending
- 00:30 BST – Japanese Unemployment Rate
- 02:30 BST – Australian Building Approvals
- 07:00 BST – German Import Price Index
- 07:45 BST – French GDP
- 10:00 BST – Euro Zone Consumer Confidence
- 10:00 BST – Euro Zone Business Climate
- 13:00 BST – German CPI
- 13:30 BST – US Personal Spending
- 13:30 BST – US Personal Income
- 13:30 BST – Canadian Current Account
- 15:00 BST – US CB Consumer Confidence
Wednesday, May 31st
- 00:00 BST – RBNZ Governor Wheeler speaks
- 02:00 BST – Chinese Manufacturing PMI
- 02:00 BST – Chinese Non-Manufacturing PMI
- 02:30 BST – Australian Private Sector Credit
- 07:00 BST – German Retail Sales
- 07:45 BST – French CPI
- 08:55 BST – German Unemployment Rate
- 10:00 BST – Euro Zone CPI
- 10:00 BST – Euro Zone Unemployment Rate
- 13:30 BST – Canadian GDP
- 14:45 BST – US Chicago PMI
- 15:00 BST – US Pending Home Sales
Thursday, June 1st
- 00:30 BST – Australian AIG Manufacturing Index
- 01:10 BST – FOMC Member Williams speaks
- 02:30 BST – Australian Retail Sales
- 02:45 BST – Chinese Caixin Manufacturing PMI
- 06:45 BST – Swiss GDP
- 08:15 BST – Swiss Retail Sales
- 08:45 BST – Italian Manufacturing PMI
- 08:50 BST – French Manufacturing PMI
- 08:55 BST – German Manufacturing PMI
- 09:00 BST – Euro Zone Manufacturing PMI
- 09:30 BST – UK Manufacturing PMI
- 13:15 BST – US ADP Non-Farm Employment Change
- 14:45 BST – US Markit Manufacturing PMI
- 15:00 BST – US Construction Spending
- 15:00 BST – US ISM Manufacturing PMI
- 16:00 BST – US Crude Oil Inventories
Friday, June 2nd
- 09:30 BST – UK Construction PMI
- 13:30 BST – US NFP
- 13:30 BST – US Unemployment Rate
- 13:30 BST – US Trade Balance
- 13:30 BST – Canadian Trade Balance
