Other notable data points of the session included US factory orders (1.80% vs. Exp. 1.80%), UK Construction PMI (57.1 vs. Exp. 58.5) and Fonterra's Globaldairytrade price index (-9.3%) as well as the RBI rate decision where the central bank kept rates on hold, however none of these saw a sustained reaction in USD, GBP, NZD or INR respectively, with volumes generally fairly light today.
Looking ahead, tomorrow sees services and composite PMIs from Japan, China, France, Germany, Eurozone, UK and US, with Caixin services and composite PMIs also coming from China. Participants will also be keeping a close eye on tomorrow’s US ADP Employment Change ahead of the US Nonfarm payroll report on Friday, with some suggesting the monthly jobs data will take on extra significance this month considering the data dependency of the FOMC.
Recommended Content
Editors’ Picks
AUD/USD extends its upside above 0.6600, eyes on RBA rate decision
The AUD/USD pair extends its upside around 0.6610 during the Asian session on Monday. The downbeat US employment data for April has exerted some selling pressure on the US Dollar across the board. Investors will closely monitor the Reserve Bank of Australia interest rate decision on Tuesday.
EUR/USD holds positive ground above 1.0750 ahead of Eurozone PMI, PPI data
The EUR/USD trades in positive territory for the fourth consecutive day near 1.0765 on Monday during the early Asian trading hours. The softer US Dollar provides some support to the major pair.
Gold holds below $2,300, Fedspeak eyed
Gold price loses its recovery momentum around $2,295 on Monday during the early Asian session. Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May on Friday.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.