Forex news from the European trading session - 31 May 2021
Headlines:
- EU proposes member states to ease travel measures ahead of the summer
- Saxony May CPI +2.4% vs +2.2% y/y prior
- PBOC raises FX reserve requirement ratio from 5% to 7%
- SNB total sight deposits w.e. 28 May CHF 710.5 bn vs CHF 709.6 bn prior
- China reportedly to allow three children per couple
- China holds meeting on measures to cope with ageing population, optimising birth policy - report
- Japan May consumer confidence index 34.1 vs 33.0 expected
- Reminder: It is a holiday in the UK, US today
- RBNZ's Hawkesby says the market is getting too far ahead on rate hikes, remember these are conditional
Markets:
- AUD leads, CHF lags on the day
- European equities muted
- Gold flat at $1,903.65
- WTI up 1.4% to $67.25
- Bitcoin up 2.1% to $36,835
With London closed today, it was a relatively quiet session with little in terms of significant movement among major currencies.
Risk sentiment remains tepid as well and with US also observing a long weekend, there might not be much to extrapolate from the moves in trading today.
The yuan was a notable mover during the session though as it fell after the PBOC raised the FX reserve requirement ratio on financial institutions from 5% to 7%.
USD/CNH was brought higher from 6.3550 to 6.3710 as a result of the move.
Besides that, there isn't a whole lot else going on though oil is looking perky as it trades up over 1% to above $67 ahead of the OPEC+ meeting tomorrow.
