Forex Today: PM Johnson to set the tone for the Asian session
What you need to know on Monday, May 11th:
UK PM Johnson will offer a speech this Sunday at 18:00 GMT and is expected to announce plans to lift the kingdom’s lockdown. He repeatedly expressed his concerns about a possible second wave, which may result in plans for a slow economic comeback, which may have a negative effect on the Pound.
The EUR remains among the weakest currencies, undermined by dismal local data and the latest German Constitutional Court ruling on the ECB’s QE stimulus program from 2015. Investors are concerned the central bank may hesitate to add additional stimulus from here on.
Tensions between the US and China take their toll on the market’s mood, although on Friday, representatives from both economies held phone talks and vowed to keep the phase one of the trade deal alive.
Gold prices retreated on Friday with spot ending the week at $1,700.00 a troy ounce, undermined by profit-taking and a return to high-yielding assets at the end of the week.
Crude oil prices ranged on Friday, ending the day with modest gains. WTI settle some cents below $25.00 a barrel.
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