After a short lived spike against greenback during the end of the European session, dollar managed to recoup some aground against major rivals despite the U.S. holiday. In an almost empty American session with choppy trading and tiny ranges, Euro remains around the 1.2800 zone, while Gbp also feels the downside pressure and remains close to the 1.4300 level. Both majors leaved Sunday opening gaps still not filled, and as longer it takes, the harder will be in the short term.
Stocks close in red both in Europe and Asia after news that Japan's economy contracted the most since 1974, the U.K. is facing the worst recession in almost three decades and the G7 offered no real solution to improve global growth, while American markets remain closed. However we are expecting a return to full volume activity since Asian session opening within 1 hour.