Inflation data on the cards in Europe today

The dollar is down after a more mixed showing on Friday, with other major currencies pushing back following the US PCE price inflation numbers at the end of last week. The Japanese yen is stealing the show for now, as suspected BOJ intervention is hammering down yen pairs with USD/JPY falling from 159.60 all the way down to 155.05 at the lows during the past hour.

Besides that, the dollar in general is struggling for momentum since last week. GBP/USD is up 0.4% to 1.2540 as it approaches its 200-day moving average at 1.2555. And then you have AUD/USD which is up 0.7% to near its own 100-day moving average at 0.6584. Those are at least two dollar pairs that are facing some key technical levels to start the week.

Elsewhere, EUR/USD is up 0.4% to 1.0730 and USD/CAD down 0.2% to 1.3635 on the day.

In other markets, equities are holding firmer as investors look to keep the rebound from last week going. US futures are up 0.2% as we look towards the session ahead.

In Europe, inflation data will come into focus with Germany and Spain readings on the agenda. That being said, they won’t matter all too much for now as a June rate cut by the ECB is well telegraphed already. But stay guarded for any surprises.

0700 GMT – Spain April preliminary CPI figures0900 GMT – Eurozone April final consumer confidence0900 GMT – Eurozone April economic, industrial, services confidence1200 GMT – Germany April preliminary CPI figures

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

This article was written by Justin Low at www.forexlive.com.