Low Volatility

Happy Pentecost everyone!

In terms of a U.S. debt deal, traders will focus on how talks progress as the June 5 deadline approaches. Meanwhile, stronger than-expected U.S. inflation led to a repricing in rate hike expectations, bringing back the possibility of a Federal Reserve rate hike in June. An anticipated pause in the Fed’s rate hike cycle could thus be a close call.

On Friday we will have the U.S. NFP jobs report scheduled for release. Further signs that the job market is robust will cool rate-cut bets and thus, support the greenback.

DAX: The index holds above its crucial support zone between 15650 and 15700. As long as that zone remains intact, we could imagine another bullish run for 16300.

EUR/USD: We expect the pair to trade between 1.08 and 1.06 for the time being.

Markets are shut today for the Pentecost or Memorial Day holiday (U.S.). Volatility could thus be at muted levels.

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