Equities and euro rise after weak German data


The new started on a positive note, and equities surged again, with the EURUSD pair defending the 1.13 level for now. 

Earlier in the day, German industrial output slumped a record 17.9% in April, and firms now expect a bumpy road ahead despite a massive stimulus package. However, these data were for April, and it was already priced in, so traders did not react to these numbers. 

Later today, the ECB President Lagarde is going to appear at a European Parliament hearing, which might cause some movements in the markets. 

US equity futures pointed to a higher open and were trading nearly 1% higher ahead of the US bell, but the Nasdaq 100 index was lagging again. 

Oil was trading somewhat higher on Monday, and the WTI benchmark was trying to climb above the 40 USD a barrel. Still, it faded some gains after Saudi Arabia said an extra month of production cuts is voluntary and will be self-policed. 

Over the weekend, OPEC+ unanimously agreed to extend current cuts for one month through July. It will review if a longer extension is needed this month, while Saudi and Russia emphasized they want stronger compliance from other nations. Both Iraq and Nigeria agreed to slightly deeper cuts.
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