Forex Today: The dollar ends May on the backfoot
|What you need to know on Tuesday, June 1:
The last trading day of May saw the greenback shed ground, despite holidays in the US and the UK kept volumes limited. The American currency ended the month on the back foot against most of its major rivals, as speculative interest tries to digest mounting US inflationary pressures and whether the Federal Reserve will act accordingly.
Asian and European share markets edged lower, dragging alongside US futures, as American markets remained close due to the celebration of Memorial Day. Markets were also closed in the UK amid the Spring Bank Holiday.
The EUR/USD pair settled around 1.2230, while GBP/USD ended the day around the 1.4200 threshold, both posting substantial gains on a monthly basis.
AUD/USD remained subdued and settled around 0.7730 as investors await the RBA’s decision. USD/CAD edged lower amid the broad greenback’s weakness, now hovering around 1.2060. As for the USD/JPY pair, it kept retreating from the 110.19 posted last week.
Action was limited around commodities, with gold holding above $ 1,900 a troy ounce and the barrel of WTI steady ahead of $ 67. The OPEC+ is set to meet later this week.
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