Daily Market Report 28/05/13

With both the US and the UK on public holidays; trading was very light yesterday with very little movements in the currency markets.

The only notable news came from the euro zone, where ECB member Jorg Asmussen commented that the central bank will keep its monetary policy for as long as necessary, however the ECB should be cautious with regards to lowering interest rates to 0%.

With both the US and the UK on public holidays; trading was very light yesterday with very little movements in the currency markets.

The only notable news came from the euro zone, where ECB member Jorg Asmussen commented that the central bank will keep its monetary policy for as long as necessary, however the ECB should be cautious with regards to lowering interest rates to 0%.

Looking ahead for the rest of the day, investors will be looking towards this afternoon’s release of US consumer confidence figures for May as well the Richmond Fed Manufacturing Index. Both sets of data are expected to show an improvement since April, which could lend to US dollar strength as the improved fundamental picture will prompt the Fed to reduce their monetary stimulus programme.

Key Announcements:

15.00pm – USD – Consumer Confidence (May): Expected to improve to 71.

15.00pm – USD – Richmond Fed Manufacturing Index (May): Expected to improve to 2.