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Markets stabilized and the US dollar attempted a recovery after risk-on sentiment on Monday, buoyed by rising Chinese stocks and easing Coronavirus concerns in the United States.
Gold managed to rise despite the risk appetite, solid above 1780, and may be ready for a leg higher throughout the day.
Sunday’s new Covid-19 cases in the United States were relatively low for the “weekend effect”, but despite that, shares rose for a fifth consecutive day. The number of daily cases decreased below 50,000 and deaths below 300.
The ISM non-manufacturing purchasing managers’ index in the US came at 57.1, reflecting the optimism in the services sector. Most of the components jumped, but employment remained less than 50, reflecting the contraction. JOLTs job openings for May are due late Tuesday.
GBP/USD holds above 1.25 ahead of Rishi Sunak, Chancellor of the Exchequer who will speak with MPs ahead of unveiling new stimulus
EUR/USD is trading above 1.13 after hitting high in nearly two weeks. The EU Recovery Fund remains in the spotlight.
USD/JPY pair is steady at 107 as infections continue to rise in Tokyo and the government is not taking e new measurements.
