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The long weekend in the US provided a bit of a calmer tone to start the new week but expect things to start to pick up today.

So far, equities are keeping the calm with US futures up roughly 0.5% from yesterday and around 1.4% to 1.7% from Friday’s levels. It is a welcome breather for stocks after a dreadful showing last week. But for now, it continues to feel like a “catch your breath” moment amid what people are calling a ‘bear market’. That said, a point to be wary of is that bear market rallies can be quite powerful.

In FX, the dollar remains little changed for the most part and is slightly on the softer side again today. The technicals at play are still more or less the same as yesterday and Friday. USD/JPY continues to flirt with the 135.00 handle:

Looking ahead, there isn’t much in terms of economic releases to shake things up in Europe. As such, the overall risk mood will be a key driver of trading sentiment before Wall Street steps into the fray later today.

0600 GMT – Switzerland May trade balance data
0900 GMT – Eurozone April current account balance
1000 GMT – UK June CBI trends total orders

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.



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