At the onset of the new week, market sentiment remains steady. The dollar shows minimal fluctuation against the G10 currencies, hovering within a narrow range of about +/- 0.15% as North American trading approaches. Equity markets exhibit a mixed performance, with US index futures displaying slight strength. Both the S&P and NASDAQ are riding on three-week upward trajectories.
While gold reached a three-week peak just before the weekend, hitting $2378.50, it now faces downward pressure, trading below last Friday's low. June WTI crude oil prices are rebounding from a recent three-day low, climbing back from around $77.80.

Asia Pacific Markets
The Asia Pacific region gears up for three significant data releases, with two scheduled for May 16 and the third for May 17. Japan kicks off with its initial estimate of Q1 GDP, with a minor anticipated decline of 0.2%. Shortly after, Australia will unveil its April employment figures. Additionally, China is expected to announce a solid start to Q2 for its economy.

Last week saw the dollar making gains of about 1.75% against the yen, recovering over half of the previous week's losses. The dollar remains below the JPY 156 mark.
Meanwhile, the Australian dollar consolidated its position last week, closing nearly unchanged and trading near $0.6615 during the European morning.

European Markets
The eurozone is set to release its second-quarter GDP revision, offering further insights on May 15. Despite a contraction in Q4 23, consumption rebounded by 0.6%, recuperating from the 0.3% contraction in Q3.
On May 14, the UK will report its employment data, potentially posing headline risks. However, the Bank of England, meeting again on June 20, will have additional inflation and employment reports to consider before any significant policy changes.

The euro saw a marginal uptick for the fourth consecutive week but remained largely range-bound, with the 200-day moving average around $1.0790, a level being tested during European trading.

American Markets
Outlook Early indications suggest a loss of momentum in the US economy at the beginning of Q2, likely reflected in this week's upcoming reports.
The US dollar has maintained a relatively stable range against the Canadian dollar, fluctuating between roughly CAD1.36 and CAD1.38 over the past month. Overall, the greenback shows a flat trend against the Canadian dollar over the past two weeks.