Quiet Monday Ahead, No Data on Schedule

However, volatility will likely be lower today as the UK is off for a holiday.

Job market in US is still strong.

Data released on Friday showed that the United States added 390,000 jobs in May, down from the previous month's upwardly revised 436,000 and the lowest since April 2021, but far above the predicted 320,000.

The unemployment rate stayed at 3.6%, falling short of expectations for a drop to 3.5%, the lowest level since the financial crisis. The participation percentage increased from 62.2% to 62.3%,  meeting consensus estimates.

On an annual basis, average hourly salaries grew 5.2%, in line with expectations and down from 5.5% last month. However, the monthly pay increase remained at 0.3%, below the forecasted 0.4%.

The USD strengthened, yields rose, stocks dropped, and precious metals were hammered after the data. However, Monday's session has brought nearly a complete reversal of those moves. 

Chinese news helping markets

Earlier today, assisting a positive tone in the markets was the latest China's service sector activity improvement, with the Caixin index rising to 41.4 in May from 36.2 in April. Nonetheless, the score remained below the 50-point threshold that distinguishes expansion from contraction, suggesting a gradual recovery in the world's second-largest economy.

Additionally, Beijing officials declared over the weekend that citizens will be able to return to work on Monday and that schools will reopen on June 13th. In addition, traffic restrictions in most parts of Beijing will be relaxed. 

Furthermore, US Commerce Secretary Gina Raimondo stated on Sunday that US President Joe Biden's government intends to lower duties on Chinese imports in order to combat inflation.