ForexLive European FX news wrap: Dollar softer, equities stay buoyed

Headlines:Reminder: US markets are closed todayECB’s Lane: ECB should hike rates by 25 bps incrementsBOJ’s Kuroda: Rapid yen weakening not due to BOJ policyShanghai to resume basic operations for bus, rail transport from 1 JuneRussia oil embargo to be part of EU sanctions package, but final agreement left for laterSaxony May CPI +8.0% vs +7.2% y/y priorSpain May preliminary CPI +8.7% vs +8.3% y/y expectedGermany April import price index +1.8% vs +2.0% m/m expectedSNB total sight deposits w.e. 27 May CHF 754.0 bn vs CHF 754.1 bn priorSwitzerland May KOF leading indicator index 96.8 vs 102.3 expectedMarkets:EUR leads, CHF lags on the dayEuropean equities higher; S&P 500 futures up 0.8%Gold up 0.1% to $1,855.53WTI crude up 0.7% to $113.03Bitcoin up 6.6% to $30,647It was a quiet session for the most part as markets carried over the trading themes from last week.With it being a US holiday, there is little conviction to switch things around. The dollar weakened and equities are gaining modestly as we get things going on the new week. Meanwhile, economic data suggests inflation continues to run rampant in Europe with upside surprises seen in Spain and Germany.EUR/USD gained modestly from around 1.0740 to 1.0780 while GBP/USD pulled higher from 1.2630 to 1.2650 levels on the session. The dollar is softer for the most part, only gaining against the yen and franc in more risk-on trading.AUD/USD is also seen up 0.3% to close in on 0.7200 while USD/CAD is down 0.3% to below 1.2700 on the day.European indices are posting decent gains as equities are kicking things off on the right foot this week, while US futures are carrying over the positive mood from the cash market last week with solid gains today.

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