US markets are closed today for the Memorial Day holiday. Nevertheless, the US dollar is holding the upper hand against its rival currencies.
The dollar/yen pair opened the Asian trade close to Friday’s level of 109.50. Political developments are still setting the tone for trading instruments on Forex.
Traders are still speculating on the scenario of a full-blown trade war between the US and China. Most analysts share the viewpoint that the two largest global economies will settle the trade dispute in the near future.
At present, the situation around the summit between the US and China is the major factor to shape trading sentiment. US President Donald Trump opened the door open for a meeting with North Korean leader Kim Jong Un who also confirmed his readiness for the talks.
Investors are gradually regaining risk appetite. Today, the US dollar index broke the level of 94.00. However, experts do not assume a rapid rally of the greenback today.
This trading week, the US currency will also depend on macroeconomic data. Tomorrow, the US is due to release a consumer confidence indicator for May.
