US Dollar falls further at the start of a new week
The US Dollar (USD) is beginning the week how it ended the previous week: with little softening. This Monday, equities are leading the way, while commodities are rising, causing the US dollar to weaken. Market volumes may be slightly lower than usual during European trading hours, since European markets are closed for a bank holiday.
On the economic data front, traders are waiting for the Fed Minutes from the most recent Federal Open Market Committee (FOMC) policy rate decision. Markets will be seeking for hints or confirmation on ‘how long’ stable for longer truly means. Ahead of the Minutes later this week, traders should expect no fewer than five Fed speakers on Monday.
Daily Market movers: Fed not including a timestamp. The greenback US Dollar is weakening as feeling takes over.
Market volume during European hours may be significantly lower due to bank holidays. Canada and India are also closed for business.
Markets are confronting a plethora of Fed officials on Monday:
At 12:15 GMT, Federal Reserve Bank of Atlanta President Raphael Bostic opens the Atlanta Fed’s Financial Market Conference.
Michael Bar, Federal Reserve Vice Chair for Supervision, makes a keynote lecture at the Atlanta Fed’s Financial Market Conference starts at 13:00 GMT.
Federal Reserve Governor Christopher Waller makes welcoming remarks at the Third Conference on the International Roles of the US Dollar in Washington, DC, at 13:00 GMT.
Phillip Jefferson, Vice Chair of the Federal Reserve, speaks at the Mortgage Bankers Association (MBA) Secondary and Capital Markets Conference in New York at 14:30 regarding the US economic outlook and house market dynamics.
To conclude this Monday about 23:00 GMT, Federal Reserve Bank of Atlanta President Raphael Bostic (2024 voting member) will deliver a keynote speech at the Atlanta Fed’s Financial Market Conference dinner.
Equities are surging higher on Monday, with green numbers across the board and around the globe. The majority of Asian indices are on track for 1% increases on Monday. . US equities futures are slightly positive, up less than 0.25% overall.
The CME Fedwatch Tool predicts that the Federal Reserve’s fed fund rate will remain unchanged in June, with a 91.1% chance. The program now predicts a 49.0% chance that rates will be 25 basis points lower in September than they are today.
The benchmark 10-year US Treasury Note yields approximately 4.41%.
