Risk takes a breather after recent gains

Chris Beauchamp IG

Equities have fallen and the dollar has risen this afternoon, as traders navigate their way through low liquidity and an empty economic calendar, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

European stocks retreat in volume-light session

“Stocks have succumbed to a round of profit-taking in today’s session, with the moves to the downside amplified by the absence of volume thanks to the US holiday. Becalmed by an empty calendar, markets have drifted lower, though with Powell testifying later in the week traders shouldn’t assume the dip buyers will immediately step in tomorrow.”

Dollar edges higher

“After the losses in the greenback on Thursday and Friday it is not surprising to see the dollar rise today, but unless Powell’s testimony this week is much more hawkish than last week’s comments there seems little hope that the gains will be anything more than short-lived.”

Author

Chris Beauchamp

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