Precious metals jump as dollar continues to bleed.

31/05/2021

Monday has been calm so far, with markets consolidating after Friday's volatility.

Earlier in the day, the Chinese Manufacturing PMI came out at 51.0, and the non-manufacturing PMI was 55 in May, both remaining above the 50-mark, indicating growth in the sector. 

Additionally, there seem to be growing troubles with the strength of the Chinese yuan as the currency has appreciated to three-year highs against the greenback.

US equities were flat during the London session as the short-term outlook remains neutral. 

The US dollar continued to be dumped on Monday, with the EURUSD pair rising toward the 1.22 threshold again, while the USDJPY pair failed to breach the 110 zone.

In commodities, gold and silver cant have a red day anymore, and both the metals erased their losses on Friday to close in positive territory, with the rally continuing today. 

Oil was also bid, and the WTI benchmark reached new three-month highs above the 67 USD level. 
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