ForexLive European FX news wrap: Light changes amid holiday-thin markets

Headlines:

• Market holidays make for a slower start to the new week
• Germany May Ifo business climate index 89.3 vs 90.4 expected
• SNB total sight deposits w.e. 24 May CHF 461.2 bn vs CHF 467.4 bn prior
• ECB’s Rehn: The time is ripe to start cutting rates in June
• ECB’s Lane: There is enough in what we see to start interest rate cuts
• Japan maintains overall economic assessment for the month of May
• China’s Politburo says financial risks a major hurdle that must be overcome

Markets:

• NZD leads, USD lags on the day
• European equities a touch higher
• Gold up 0.4% to $2,343.61
• WTI crude up 0.6% to $78.18
• Bitcoin down 0.7% to $68,400

It was a quiet session for the most part as markets are having to deal with long weekends in both the UK and US later.

Major currencies are lacking much enthusiasm, with the dollar lightly changed across the board. It is marginally lower but the ranges for the day are leaving a lot to be desired still. Dollar pairs are only seeing 20-30 pips range across the board, so that says it all really.

USD/JPY was down earlier in Asia to 156.70 but has recovered a little to 156.88 currently. Meanwhile, the aussie and kiwi are lightly higher but nothing to really shout about. AUD/USD is up 0.3% to 0.6645 from around 0.6630 earlier while NZD/USD is up 0.3% to 0.6140 from around 0.6125 earlier in the day.

In other markets, precious metals are hoping to steady themselves after last week’s rough showing. Gold is up slightly to $2,343 while silver is seen up 1.6% to $30.85 after coming close to a test of $30 on Friday.

With it being a US holiday, don’t expect too much action in the day ahead. The actual trading week is likely to only kick off tomorrow.

This article was written by Justin Low at www.forexlive.com.