Well, that’s pretty disappointing in European morning trading. There was some life after the PMI data earlier, but things quickly stabilized. Dollar pairs are within 10 pips of each other, showing very little change on the day.
This speaks to the lack of conviction we see at the moment. Hopefully this will change when we get to US PMI data later, to also help set the tone for the sessions to come. Otherwise, things could remain calmer until we get to the first quarter US GDP data on Thursday and the PCE Price Index on Friday.
On the contrary, USD/JPY remains a topic to watch closely as it remains near the 155.00 mark.
In other markets, gold is still down just over 1% at $2,300 while stocks hope to post back-to-back daily gains this week. S&P 500 futures are up 0.2%, but things still look a little jittery, as yesterday’s US trading showed. Nevertheless, investors managed to end a streak of six consecutive days of losses. So let’s see if they can maintain the rebound for now.
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