We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • German Bund Yields Update: 2-Year: -0.620% 3-Year: -0.632% 5-Year: -0.586% 7-Year: -0.498% 10-Year: -0.330% 30-Year: 0.187%
  • Crude oil is 2.5% away from slipping into a technical bear market #oott $CL_F $USO https://t.co/NAcxVe6HUH
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.12% 🇨🇦CAD: -0.09% 🇳🇿NZD: -0.18% 🇪🇺EUR: -0.25% 🇦🇺AUD: -0.34% 🇬🇧GBP: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q8f4ORTN6E
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.34% France 40: 0.89% Wall Street: -0.10% US 500: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/AUIpHobKfW
  • also working on a breakout... $USD, clawing back Q4 losses, testing above a big resistance zone. USD strength fairly clear except v/s $JPY, hinting at risk aversion drive $USDJPY https://www.dailyfx.com/forex/fundamental/article/drivers_of_price_action/2020/01/24/us-dollar-tests-fibonacci-resistance-at-fresh-six-week-high-js57.html
  • RT @carlquintanilla: Worst week for oil-and-gas since Dec 2018. @CNBC https://t.co/2ieaFdwFi0
  • and there's the breakout... fresh two-week-high in $Gold https://t.co/0kgKWkJ28W https://t.co/ZTDn6RcKgP
  • The daily GBP/USD price chart shows the pair still above the recent downtrend and bouncing back off the 20- and 50-day moving averages situated around 1.3080.Get your market update from @nickcawley1 here: https://t.co/6XjX3lThEr https://t.co/3vVfbD6I73
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Silver: 0.94% Gold: 0.34% Oil - US Crude: -1.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fS0wCdwHUz
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.12%, while traders in Germany 30 are at opposite extremes with 76.71%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pKoMI9Vj0Y
Opening Comment 05.31

Opening Comment 05.31

2010-05-31 04:39:00
Joel Kruger, Technical Strategist
Share:

A closed US market for Memorial Day, and a UK Spring Bank holiday, are expected to keep market relatively light on Monday, the final day of the month for May. However, this does not mean that we can’t expect to see some volatility, with plenty going on in the markets to warrant some aggressive moves in either direction. For now, despite the latest recovery in the Euro, which opens the door to a potential short-term upside reversal for most major currencies against the buck, the single currency still remains well offered on rallies and still faces some tremendous challenges.

China’s SAFE has attempted to infuse some appetite for the beleaguered currency after saying that the Eurozone is “one of the most important investment markets.” However, Fitch’s downgrade of Spain on Friday and a report from a London-based consultant that the only way out for Greece is to exit the single currency, default on its debt, and restructure, have easily offset the China comments. On the official circuit, we have been hearing from various Fed officials over the past several hours. Fed Plosser comments have not proved to be too enlightening after the central banker attributes the recent USD surge to a flight to safety. Plosser goes on to say that although the Eurozone crisis has raised some concerns with regard to the US recovery, he does not see it as having any real impact on monetary policy decisions. Fed Evans has also been out with similar rhetoric, while adding that the current monetary policy is appropriate.

Finally, a Fed Chair Bernanke has been on the wires following his video taped remarks at a Bank of Korea conference on emerging markets. Bernanke says that it is important for developing economies to maintain strong domestic growth as well as economic and financial stability. ECB President Trichet is the only non-US central banker of note on the wires, with Trichet also appearing in a video taped recording in front of the Bank of Korea emerging market conference. Trichet says that emerging countries have remained a source of strength for the global economy, with the recent crisis even adding to the recognition, potential and importance of these economies.

On the data front, Japanese manufacturing activity was higher in April, while industrial production came in weaker than expected, and wage earningsbput in their biggest gain since December 2005. In the UK, house prices rose by the same M/M margin as the previous print, and improved Y/Y. Meanwhile in Australia, TS Securities inflation nudged up from the previous month, while new home sales also improved. Private sector credit was softer, and the current account was wider than forecast. Company profits managed to come in on the stronger side of estimates, and new home sales recovered into positive territory in April. In New Zealand, business confidence slipped back from its April readings.

Looking ahead, Eurozone M3 (-0.2% expected) is due at 8:00GMT, followed by the Eurozone business climate (0.20 expected), industrial confidence (-7 expected), consumer confidence (-18 expected), and economic confidence (100.6 expected), and service confidence (6 expected) readings, all due at 9:00GMT. Also out at 9:00GMT is the Eurozone CPI estimate (1.7% expected). In North America, the calendar is entirely focused on Canada, with industrial product prices (-0.3% expected), GDP (0.5% expected), and raw materials prices (1.0% expected) all due at 12:30GMT. US equity futures are tracking higher, although they are less relevant in light of the closed markets, while oil is also higher, and gold slightly lower. We do not recommend that traders look to take any positions on Monday, and instead would advise waiting until a fuller Tuesday session.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.