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The FxPro Analyst Team

Chinese, UK and US Holidays = Muted Markets

Markets are generally quiet as Markets in China, the UK and the US are closed for National Holidays. As a result, markets have seen overall subdued trading.

The recent gains in Asian equities have pushed back; falling short of pushing towards new two-year highs.

GBP is currently trading above 1.2830 as it moved off Friday’s lows of 1.2775 (gaining 0.2%) after experiencing its biggest weekly decline since November as a result of UK Opinion Polls suggesting the Conservative lead over Labour has narrowed to 5%.

EUR has retraced from last week’s 6 and a half month high of 1.1268 now trading around 1.1180.

The rand (ZAR) erased the recent 1.8% gain easing back 0.3% after South African President Jacob Zuma survived a bid by some members of the African National Congress’s top leadership to order his removal from office.

The “safe haven” JPY saw a slight rise currently trading at 111.30 with little reaction to North Korea’s recent missile launch as it appears the markets are now getting “accustomed” to such tests.

Crude Oil prices slipped back as the markets showed disappointment over last week’s OPEC meeting and the extension to production cuts. Today WTI is trading below $50pb whilst Brent is trading around $52.5pb

Gold is trading close to a four week high as Geo-Political events have bolstered Gold’s safe haven status. Gold was trading just below $1270 in early European trading.

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