Equities unruffled by poorer US data

Chris Beauchamp IG

Investors got another taste of May data, but still seem happy to buy the dip", says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

Stocks hold ground despite ISM miss

If markets are beginning to get worried about the impact of Trump’s tariffs, they’re managing to hide it well. US services activity may have slipped into contraction for the first time in almost a year, but once again bad data has been shrugged off. Nobody seemed to care about April data, but May seems to be going the same way too, as investors bet that the tariff pauses lead to a recovery in activity.

Dollar sinks on double miss

Stocks might be ok with bad data but the dollar isn’t. The greenback finds itself at the lows of the day, threatening a break to the late April lows. This is fuelling risk-on moves across FX markets, but next week’s CPI may yet provide some succour to beleaguered dollar bulls.

Author

Chris Beauchamp

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

XRP struggles around $1.40 despite institutional inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.