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Federal Reserve Outlook Contemplated, U.S Treasuries Remain Ingredient

China and Japan are on holiday today. The Korean summit did produce cautious optimism this weekend. And President Trump has indicated the U.S will attend another summit later in May. Chinese Manufacturing and Services data released this morning beat expectations fractionally. Wall Street produced cautious results before going into the weekend, which highlighted investors remain tentative as they contemplate the Federal Reserve’s mid-term interest rate outlook. Bond yields – particularly from the ten year U.S Treasuries – remain an important ingredient in the equity market too. The U.S will release consumer spending figures today.

U.S Dollar Shining in Forex, Pound Faltered Badly on Friday

The U.S Dollar remains the star of forex. The Yen, Euro and Pound remain near important technical junctures versus the Dollar. The Pound took a beating on Friday after weak growth numbers from the U.K were not only confirmed, but came in worse than expected. The British currency sank like a rock before going into the weekend and will be monitored closely in the coming days. Trading volumes in forex will be light tomorrow as Labor Day is celebrated by many nations. The Federal Reserve’s will release its Monetary Policy Statement on Wednesday.

Buying Enthusiasm Lacking in Gold, More Weakness for Precious Metal

Gold has seen some weakness early this morning as it has dropped to 1321.00 U.S Dollars an ounce. The commodity does have important support near the 1316.00 Dollar juncture, but traders have not shown much buying enthusiasm short term in the Gold market.

U.S Spending Data Today, Chicago Fed Manufacturing Numbers

Personal Spending data from the U.S at 12:30 GMT could prove of interest for traders.

  • 9:00 AM GMT, Italy, Preliminary Consumer Price Index
  • 12:30 PM GMT, U.S, Personal Spending
  • 13:45 PM GMT, U.S, Chicago Purchasing Managers Index