Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.S. Memorial Day Makes For Quiet Monday Session

Published 05/28/2018, 02:41 AM
Updated 02/20/2024, 03:00 AM

All is quiet on the data front Monday, as traders in the United States pause for Memorial Day. Globally, reporting will be limited with only a few data sets scheduled.

The Swiss government will kick things off with a report on overall employment levels at 07:15 GMT. The data set is expected to show overall employment of 4.999 million in the Swiss economy during the first quarter, up from 4.962 million in the October-December period. The jobs data could have a direct impact on the performance of the Swiss franc.

About 45 minutes later, the Italian government will report on producer inflation for the month of April. The producer price index (PPI) captures prices paid at the factory-gate level, which may impact consumer prices in the future. Analysts have not yet provided a median estimate on Italy’s monthly PPI. In March, the index rose 0.4% month-on-month. That translated into an annualized rate of 2%.

Japanese employment data is also scheduled for late Monday GMT time. Unemployment in the world’s third largest economy likely held steady at 2.5% for April, according to a median estimate.

The economic calendar picks up on Wednesday and continues strong for the latter half of the week, culminating in US nonfarm payrolls on Friday. The US jobs report is arguably the most closely watched data set of the month.

May nonfarm payrolls are expected to show the creation of 185,000 jobs, up from 164,000 the previous month.


In terms of monetary policy, the Bank of Canada (BOC) is scheduled to deliver an interest rate verdict on Thursday. No change to the benchmark interest rate is expected at this time.

EUR/USD
Europe’s common currency extended its breakdown at the end of last week, as prices fell to their lowest levels since December. EUR/USD was down another 0.3% at the start of Asian trade, with the pair hovering around 1.1684. The bearish trend remains intact now that the euro has moved below a series of technical supports. EUR/USD is now eyeing major support around 1.1553, which is the low from November.
EURUSD
USD/CAD
The Canadian dollar sank with oil prices on Friday, a worrisome trend for traders holding short bets on USD/CAD. The pair added as many as 100 pips Friday before consolidating around 1.2970. The psychological 1.3000 threshold is the next target for the bulls.
USD/CAD
USD/JPY
Geopolitical risks boosted the Japanese yen last week, and in the process drove the USD/JPY cross sharply lower. However, the easing of geopolitical tensions on the Korean peninsula may work in favor of riskier assets, thereby diminishing the yen’s standing. USD/JPY is currently trading at 109.65. Investors should pay close attention to the market’s reaction to political developments over the weekend.
USD/JPY

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.