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The US dollar remains under pressure in the first trading day of the week, sliding against most major rival currencies. The USD/JPY pair, however, edged higher amid the better tone of stocks markets.
Economic Data
No remarkable economic data was released on Monday.
Other Developments
EU representatives are still discussing the sixth package of sanctions on Russia, with rumours of potential announcement this week, that would not include banning oil imports coming from pipelines.
Better market sentiment was triggered from China, as authorities in Shanghai have announced the beginning of lifting covid-related restrictions this week as planned, so, firms will return to normal after over a month of lockdown. Asian and European indexes advanced, while US markets were closed in observation of the Memorial Day.
The Canadian dollar was among the top performers. USD/CAD trades around 1.2660, helped by higher oil prices, as WTI futures trade at $117.00 a barrel. AUD/USD is near 0.7200, despite gold remained lifeless. The bright metal currently changes hands at $1,855 a troy ounce.
Little happened during US trading hours amid the aforementioned holiday. However, the week will be fulfilled with growth, employment and inflation data from major economies. EU inflation, AUS GDP and the US Nonfarm Payrolls report are among the most relevant.
The EUR/USD pair managed to reach a fresh May high of 1.0786, despite German inflation reaching fresh multi-decade highs in May, according to preliminary estimates. The EU will publish its own estimates on Tuesday. GBP/USD settled around 1.2650.
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