Forex Today: Soft start to a busy week

What you need to take care of on Tuesday, May 31:

The greenback remained under pressure in the first trading day of the week, falling against most major rivals. The USD/JPY pair, however, edged higher amid the better tone of stocks markets.

The better mood was triggered by China, as Shanghai announced it would start lifting covid-related restrictions this week as planned. Businesses will return to normal after over a month of lockdown. Asian and European indexes advanced, while US markets were closed due to the celebration of Memorial Day.

EU representatives are still discussing the sixth package of sanctions on Russia, with rumours hinting at a potential announcement this week, that would not include banning oil imports coming from pipelines.

The EUR/USD pair managed to reach a fresh May high of 1.0786, despite German inflation reaching fresh multi-decade highs in May, according to preliminary estimates. The EU will publish its own estimates on Tuesday. GBP/USD settled around 1.2650.

The Canadian dollar was among the top performers. USD/CAD trades around 1.2660, helped by higher oil prices, as WTI futures trade at $117.00 a barrel. AUD/USD is near 0.7200, despite gold remained lifeless. The bright metal currently changes hands at $1,855 a troy ounce.

Little happened during US trading hours amid the aforementioned holiday. However, the week will be fulfilled with growth, employment and inflation data from major economies. EU inflation, AUS GDP and the US Nonfarm Payrolls report are among the most relevant.

Dogecoin price is positioned for a charge back to $0.11