European equities underperform at the beginning of the week
Bloomberg crypto index trades 0.8% higher
S&P 500 futures point for a higher opening on Wall Street
With almost empty macroeconomic calendar Monday trading is calm what is usually the case for the first day of the week. In Italy FTSE MIB is lagging behind its European peers as two main populist parties are getting closer to forging a governing majority. Euro is performing really well thanks to the comments from ECB’s Villeroy. Common currency is only losing to the British pound. On the other hand, NZD is the biggest underperformer among majors. Gold and silver trade lower in spite of a rather weak USD. Oil is trading a notch higher.
There was no single story influencing financial markets over the weekend, but we got a few noteworthy reports being worth inspecting. At the beginning let us notice the Asian session brought just April NZ services PMI coming in at 55.9 making a noticeable decrease from revised down 58.6 nevertheless it did not prove to be any market mover immediately though the NZ dollar loses the most within the G10 basket in the morning.
Over the weekend the US President Donald Trump met with the US automobile industry executives. During the meeting Trump proposed imposing 20% tariffs on cars imported to the US as well as putting imported cars under stricter emission standards than cars manufactured in the US.
The past week proved to be a weak one for cryptocurrency traders as major digital coins lost ground. Over the weekend we witnessed a shy try to bounce back, however, it fizzled out. In terms of the latest news the Zimbabwean story seems to deserves particular attention after an unprecedented step taken by the country’s central bank.
The US dollar had amazing three weeks which dragged the EURUSD appreciably down. Let us remind that the buck was afflicted by a slower pace of inflation, and it is particularly relevant when we look back to the latest Federal Reserve meeting where officials implicitly agreed to let price growth run above the goal in the short-term.
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