As traders and dealers got back to their desks for a fresh week, they were greeted by subdued trading conditions across various markets. Parts of Europe were away yesterday observing national holidays. This reduced liquidity conditions and contributed to the quiet start to the week.
Across currency markets, the week began with a firmer US dollar. Buyers stepped in early in the session with the pound and euro falling to daily lows around mid-morning. With little economic data featuring on Monday, markets were largely driven by supply and demand as well as sentiment. Demand for the buck waned in the afternoon and the pound and euro consequently managed to regain some of their early day losses.
Today’s economic calendar sees German GDP and IFO numbers, UK public sector borrowing figures, and US new home sales & consumer confidence data.
Have a good day.
Written by Viv Savani. 7:17am, May 25th 2021
The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.