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HIGH: GREECE
Varoufakis out in the cold. Officials apparently want to bypass the Greek finance minister in the hope of galvanising bailout talks after a fraught meeting in Riga this weekend. Mr Varoufakis, who seems increasingly unpopular, was singled out by his Eurozone colleagues and many are now hoping to broker a deal on reforms by dealing directly with prime minister Alexis Tsipras. Perhaps as a result of this, communications have now opened directly between German Chancellor Angela Merkal and the Greek Prime Minister in order to bring about a solution.
LOW: UK
Labour will today attempt to woo first time buyers, by announcing it will scrap stamp duty for first time buyers on properties worth up to £300,000. This move is seen as a bid to appeal to younger voters for whom it is increasingly difficult to get onto the property ladder. This comes as we approach the final stretch of the election campaign with the polls still suggesting the top two parties are neck-and-neck.
LOW: YEMEN
Saudi campaign in Yemen resumes. Saudi officials said last week that the air strikes had achieved their objectives but it now appears that rather than abating, they have actually increased in regularity. Violence escalated last week as Saudis insisted that the Houthis retreat and the Houthis demanded an unconditional end to the air strikes.
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EUR/USD eases to near 1.0700 ahead of German inflation data
EUR/USD is paring gains to near 1.0700 in the European session on Monday. The pair stays supported by a softer US Dollar, courtesy of the USD/JPY sell-off and a risk-friendly market environment. Germany's inflation data is next in focus.
USD/JPY recovers after testing 154.50 on likely Japanese intervention
USD/JPY is recovering ground after sliding to 154.50 on what seemed like a Japanese FX intervention. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Focus shifts to the US employment data and the Fed decision later this week.
Gold price holds steady above $2,335, bulls seem reluctant amid reduced Fed rate cut bets
Gold price (XAU/USD) attracts some buyers near the $2,320 area and turns positive for the third successive day on Monday, albeit the intraday uptick lacks bullish conviction.
Ripple CTO shares take on ETHgate controversy, XRP holders await SEC opposition brief filing
Ripple loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission filing of opposition brief to Ripple’s motion to strike expert testimony.
Week ahead: FOMC and jobs data in sight
May kicks off with the Federal Open Market Committee meeting and will be one to watch, scheduled to make the airwaves on Wednesday. It’s pretty much a sealed deal for a no-change decision at this week’s meeting.