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Several markets across Asia and Europe were closed for the May Day holiday.
The euro is trading flat in this thin Monday trading session. It trades slightly below the 1.09 level at 11 GMT.
The pound is above the 1.29 major level. Last week reported weak UK 1st quarter GDP growth was not enough shrug investors from bidding for pounds. The US also reported weak GDP growth in the given period. Considering GBP/USD performance in Friday’s trading session ahead of the weekend, investors took more gently UK’s GDP underperformance.
Dollar/yen started easing below previous week's close till the 111.20 level. North Korea missiles tests might have prompted some earlier demand for yens. The exchange rate is moving higher, featuring the latest news that US Congress negotiators have written out budget a of at least $1 trillion (917 billion euros) to last through the rest of the fiscal year until September.
The spending bill would be the first major piece of bipartisan legislation to advance during Trump's presidency.
Consider that Japanese markets will be closed for three days from Wednesday for a string of holidays known as Golden Week.
I’ve submitted a sell pending order in EUR/TRY. The motivation for this order submission is that Turkey reports April CPI Wednesday, which is expected to rise 11.7% y/y vs. 11.3% in March. The central bank delivered a hawkish surprise in April with a 50 bp hike and further tightening is possible ahead.
The euro is trading flat in this thin Monday trading session. It trades slightly below the 1.09 level at 11 GMT.
The pound is above the 1.29 major level. Last week reported weak UK 1st quarter GDP growth was not enough shrug investors from bidding for pounds. The US also reported weak GDP growth in the given period. Considering GBP/USD performance in Friday’s trading session ahead of the weekend, investors took more gently UK’s GDP underperformance.
Dollar/yen started easing below previous week's close till the 111.20 level. North Korea missiles tests might have prompted some earlier demand for yens. The exchange rate is moving higher, featuring the latest news that US Congress negotiators have written out budget a of at least $1 trillion (917 billion euros) to last through the rest of the fiscal year until September.
The spending bill would be the first major piece of bipartisan legislation to advance during Trump's presidency.
Consider that Japanese markets will be closed for three days from Wednesday for a string of holidays known as Golden Week.
I’ve submitted a sell pending order in EUR/TRY. The motivation for this order submission is that Turkey reports April CPI Wednesday, which is expected to rise 11.7% y/y vs. 11.3% in March. The central bank delivered a hawkish surprise in April with a 50 bp hike and further tightening is possible ahead.
