The start of the week saw the Japanese yen take the spotlight, overshadowing anticipated events such as the FOMC meeting, the US employment report, and eurozone CPI data. The yen's volatility was remarkable, with the dollar initially surging to nearly JPY160.20 before sharply retreating to JPY154.55, only to rebound close to JPY156.00. Speculation on intervention emerged, yet confirmation awaits BOJ data next month. Concurrently, the dollar softened against other major currencies, though its downward trajectory may have paused.
Equities opened strongly, and US index futures suggest continued positivity.
Gold marked its third consecutive rise, contrasting with a 2.25% decline last week, while June WTI crude experienced a notable 2% rally, hovering around $84.50 before a slight dip to just below $83.

Asia Pacific market
Japan awaits significant data releases tomorrow, including employment, retail sales, and industrial production figures.
The dollar hovers near JPY156 amid increased trading volumes, though intervention speculation remains unconfirmed, with Japanese authorities declining to comment.
Meanwhile, the Australian dollar holds steady within its range during European morning trading.

European markets
Attention turns to tomorrow's eurozone Q1 GDP and April CPI estimates, following slight economic contraction in the last two quarters of 2023.
The UK's economic calendar features consumer credit, lending figures, and money supply data, alongside Thursday's local and mayoral elections.
The euro remains within its pre-weekend range, while sterling nudges higher towards $1.2550 in the Asia Pacific session, nearing the 200-day moving average.

American markets
Focus centers on two key events: the conclusion of the FOMC meeting on Wednesday and Friday's April employment report.
The US dollar dipped to its lowest level against the Canadian dollar before the weekend, recording its largest weekly loss of the year at 0.6%. Although follow-through selling today has been limited, the dollar remains near CAD1.3630.