The greenback pared initial gains made in Asia and Europe and ended largely flat due to USD long liquidation in holiday-thin trading as the U.S. markets were closed for Memorial Day holiday. The single currency rebounded after release of upbeat German Ifo data.
Versus the Japanese yen, dollar rebounded from 107.57 in New Zealand to 107.78 ahead of Asian open on yen-selling and then retreated to 107.63 in Asian morning, price moved narrowly in European and holiday-thinned North American sessions, price last traded at 107.69 near the close.
Although the single currency rebounded from 1.0891 in New Zealand to 1.0908 ahead of Asian open, price met renewed selling and fell to session lows of 1.0871 in the European morning. However, the pair then erased its losses and rebounded to 1.0914 on short covering after German business sentiment beat forecast bou later moved sideways in North American trading.
Reuters reported German Ifo business climate index in May 79.35 versus forecast for 78.3. German Ifo expectations index 80.1 in May versus forecast for 75.0
The British pound swung sideways as London centre was closed for Spring Bank Holiday and the U.S. markets were also closed for Memorial Day. Cable rebounded to 1.2191 at Asian open and then retreated to 1.2165 in European morning before edging higher to 1.2203 on cross-buying in sterling and then moved narrowly in North American trading.
Data to be released on Tuesday:
New Zealand imports, trade balance, exports, Japan total industrial activity index, German GfK consumer sentiment, Swiss trade balance, exports, imports, non-farm payrolls, France business climate, UK CBI distributive trades, and U.S. building permits, national activity index, monthly home price, CaseShiller home price index, consumer confidence, new home sales, Dallas Fed manufacturing business index.
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