May Flash News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The highlights will be the Eurozone Flash CPI and the US PCE reports.

The new week will kick off in a calmly manner, with US and UK markets closed on Monday. The economic calendar, however, will heat up heading into the weekend with the release of Eurozone CPI and US core PCE data- reports that could spark volatility.

The highlights will be the Eurozone wage growth data, the Flash PMIs and the US Jobless Claims.

Australia's PMI Manufacturing index stayed put at 48.0 in May, marking the joint-lowest reading since May 2020. On the other hand, PMI Services fell from 53.7 to 51.8, causing Composite PMI to decrease from 53.0 to 51.2. Highlighting the strong correlation between the pick-up in the services PMI, housing market, rising population growth, and job advertising, he concluded, "Last week's labour market data on employment and wages have bought the RBA some time, but the Flash PMIs highlight that it is still too early to call an end to the monetary policy tightening cycle."

In today's quiet Asian session, forex markets have largely stayed within a narrow range, with minimal response to positive PMI data from Australia and Japan. Yen has seen a slight recovery but continues to be the weakest performer of the week, followed closely by Sterling and Dollar. On the flip side, New Zealand Dollar remains the leader, with Swiss Franc and Aussie following, while Canadian and Euro are mixed.