An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGOR
The Memorial Day holiday in the US could make for a thin session ahead of the end of the month, but MSCI's broadest index of Asia-Pacific shares outside Japan still climbed 1.2% to a three-week high.Nasdaq futures added another 0.8%, after gaining 6.8% last week, while S&P 500 futures firmed 0.5%, having rallied 6.6% last week in their best week so far this year.
Just the chance of a less hawkish Fed was enough to see Treasuries rebound, with 10-year note yields just above a six-week low at 2.74%. That is down from a peak of 3.203% on May 9. “A sharp slowing in the US economy — if not matched by similar weakness in Europe — could result in a meaningful euro rebound, though the reverse is also true if US data hold up better than expected,” Pandl added. “We see downside risks to US growth, and have recommended USD/JPY put options to express this view.”
The euro was holding firm at $1.0746 on Monday, having risen 1.6% last week to as far as $1.0764. The dollar index stood at 101.50, after shedding 1.3% last week to hit a five-week low at 101.43.
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