Many U.S. states are lifting restrictions on business and personal activity ahead of the Memorial Day holiday next Monday. Parts of New York state were reopening after Gov. Andrew Cuomo said the outbreak is back to where it started before it took off in late March.
In the FX world, The pound was among the worst G-10 performers after April U.K. inflation slowed to the weakest level since 2016. On the other hand, the EURUSD pair was bid, and it rose toward the 1.10 level again. That is the significant resistance for the euro as the psychological level is converged with the 200-day moving average. Should the euro rise above this zone, we could see a quick spike toward 1.1150.
Moreover, New Zealand’s dollar rose against most peers after central bank Governor Adrian Orr signaled that negative rates in the nation are still some way off.
Oil pushed to new swing highs, with the WTI benchmark trading 5% higher at around 33.50 USD, and it looks like the recent plunge in oil prices is over as investors remain optimistic the world economy will stage a V-shape recovery.