No trading in the US: How are markets reacting to the long weekend?

The week starts calmly as it is a public holiday in the U.S.

Both the stock and bond markets are closed, providing a brief break before the next batch of headlines related to Trump.

In the currency market, the yen is stronger due to better GDP data from Japan and rumors of a faster pace of interest rate hikes. The spring wage negotiations next month remain key, so we’ll have to see how the BOJ reacts in the coming weeks.

USD/JPY dropped to levels around 151.60-70 in Asia before falling a bit further to 151.45 currently—down 0.6% for the day.

Additionally, the dollar is little changed against the other major currencies, with no significant factors driving movement. Overall market sentiment is cautious, although stocks in Europe remain stable, heading for an eighth consecutive week of growth.

Elsewhere, oil prices moved after a Bloomberg report suggesting that OPEC+ may delay the resumption of supply in April. This led to a brief price increase to $71.10 before it fell back after Russian Deputy Prime Minister Novak denied the information. WTI oil is currently steady around $70.50.

As for gold, the precious metal was affected by late sales last Friday but still remains close to $2,900. The price movement is between key hourly moving averages—$2,906 and $2,889, with the latter being important to watch as short-term support. From last week: The pause in gold’s rise shifts the focus back to the short-term chart.