The American holiday put a dent into volume yesterday within the broad markets. However, as Tuesday opens in the European sphere investors will find that the Single Currency has inched higher and Gold has maintained its short-term strong trend.
Japanese Prelim GDP data was released on early Monday and came in with a disappointing result of 0.3%. Missing the estimate of 0.7% the Japanese government will face critics who have complained about their weak JPY policy. A weak currency and a lack of growth make an angry combination.
Yesterday was quiet regarding economic statistics, today the U.K. will release a handful of inflation reports and Germany will bring forth the ZEW Economic Sentiment marks. Later in the day the Empire State Manufacturing Index will come from the States. Tomorrow housing data will be published via the Building Permits and Housing Starts numbers.
Investors will be keen to see if the EUR and GBP can keep their strong pace against the USD. The FX market like equities may find that volatility rises upon the return of full volume today after the long weekend in the States, but having said that Forex has been trending in a relatively calm manner even as the Single Currency and Sterling have been testing better values.
Gold as of this writing is near 1318.00 USD and having broken consolidation will face growing attention after climbing significantly the past few trading sessions. Crude Oil (WTI) has also kept its gains and is trading above 100.00 USD as the day begins.