The holidays (also observed in Austria, Belgium, Finland, Netherlands, Norway, Sweden) might make for quieter trading even if European markets will still be open on the day itself.
A recap of the market action yesterday saw equities recover after a slump before the US open, as Wall Street looks to try and snap a run of seven straight weeks of losses. The FOMC meeting minutes release didn't do sentiment much harm as it revealed the Fed is sticking to its rate hike path of 50 bps in the coming meeting and no real mention of recession or stagflation risks.
US futures are keeping calmer so far on the day while the dollar is also little changed overall, after a mild advance yesterday. The greenback saw gains pull back a little after the FOMC meeting minutes, with the push and pull still ongoing after last week's drop.
The remainder of the week may see equities recover some more ground and dollar bets cool off further but as mentioned before, let's not forget the things that got us here since April trading. Inflation pressures are still surging, the global economic outlook remains suspect, and central banks are sticking with tightening policy still - even if that window may be closing for some. *coughs in BOE*
