- GBPUSD extends above 2024 highs & highest levels since 2022; new weekly swing target eyed
- Trump Media plans to raise $3B to spend on cryptocurrency.
- European indices close mostly higher
- OPEC+ meeting was brought forward to May 31st from June 1st
- FoxBusiness Gasparino: India trade deal is almost complete. Apple is a potential issue
- Bloomberg: EU plans to fast track trade talks with the US
- Hamas reportedly agrees to ceasefire proposal…but wait
- Nvidia to report earnings this week
- ECBs Lagarde: US policy helps to boost the EUR global role
- Spring Bank Holiday in the UK/Memorial Day in the US will keep action limited
- ForexLive European FX news wrap: Softer dollar as markets digest Trump tariffs delay on EU
The USD was mixed and little changed vs the major currencies.
Looking at the changes for the USD:
- EUR -0.16%
- JPY: +0.17%
- GBP -0.17%
- CHF -0.07%
- CAD Unchanged
- AUD +0.18%
- NZD -0.17%
The US dollar saw marginal selling on Monday amid thin liquidity due to US and UK holidays. Among major currencies, NZD, EUR, and GBP were the strongest performers (USD fell), while JPY and AUD lagged slightly (USD was higher).
Market sentiment was lifted by President Trump’s announcement of a delay in the 50% EU tariff deadline to July 9, which supported risk assets and contributed to modest USD weakness. It was on Friday, that Trump posted he “recommended” (to who? I don’t know), the EU be hit with the tariffs starting on June 1. After a discussion with EU Commision President Ursula von der Leyen, he commented “it was my privilege to” extend the tariff deadline.
The US stock and bond markets were closed.
European indices closed mostly higher on the day on the tariff reprieve.
The final numbers are showed:
- German Dax, +1.68%
- France’s CAC, +1.21%
- UK FTSE 100, -0.24%
- Spain’s Ibex, +0.83%.
- Italy’s FSE MIB 1.20%
In other geopolitical news, Pres. Trump called Russia’s Puting crazy following weekend drone attacks. The Kremlin responded by claiming Donald Trump was showing signs of “emotional overload”.
The new trading day will have UK and US traders back to full staffs.
This article was written by Greg Michalowski at www.forexlive.com.
