The Advisor Weblog

Posted: 31 May 2010 03:27 AM PDT

Hi everyone, and welcome back. Quiet start of the week with UK and US banks closed, should be a surprise seen markets moving too much today. Majors are barely changed from past Asian session opening, thus over the weekend, Caja Madrid, one of Spain’s biggest banks was negotiating a merger with five smaller rivals as part of a desperate government effort to restore confidence in the faltering economy, which threatens to drag down the rest of the euro zone. Also, France budget Minister Francois Baroin indicated on Sunday that France should not take for granted its AAA rating, more weight on euro’s shoulders.

If anything, Yen has been steadily falling since Asia opening, leaving yen crosses touch firmer across the board. Anyway, data today will come from Canada during this Europe/America hours, and despite we could not see strong reactions, will be weighing on the sessions to come, when market is full back.

Here is the link for today’s calendar:

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great day!