Smooth start to a busy week


What you need to take care of on Tuesday, May 31:

The greenback remains under pressure on the first trading day of the week, falling to most major rivals. USD/JPY, however, edged higher amid the better stock market tone.

The brighter mood was sparked by China, as Shanghai announced it would start lifting covid-related restrictions this week as planned. Businesses will return to normal after more than a month of confinement. Asian and European indices advanced, while US markets were closed due to the Memorial Day celebration.

EU representatives are still discussing the Sixth round of sanctions against Russiawith rumors hinting at a potential announcement this week, which would not include a ban on oil imports from pipelines.

EUR/USD managed to hit a fresh high in May at 1.0786, despite German inflation hitting new multi-decade highs in May, according to preliminary estimates. The EU will release its own estimates on Tuesday. GBP/USD settled around 1.2650.

The Canadian dollar was among the best performers. USD/CAD is trading around 1.2660, helped by rising oil prices, while WTI futures are trading at $117.00 a barrel. AUD/USD is near 0.7200, despite gold remaining lifeless. The shiny metal is currently changing hands at $1,855 per troy ounce.

Not much happened during US trading hours amid the aforementioned holidays. However, the week will be filled with data on growth, employment and inflation big savings. EU inflation, AUS GDP, and the US Nonfarm Payrolls report are among the most relevant.

Dogecoin price is positioned for a charge at $0.11

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