All awaiting the US PCE data later today
The market moves so far today have been tentative at best. While the dollar has pared most of its advance against some major currencies, it is still holding slight gains against commodity currencies at the moment – though nothing too significant.

Forex news from the European trading session – 27 May 2021
Headlines:
Markets:
– GBP leads, JPY lags on the day
– European equities mixed; S&P 500 futures down 0.2%

The PBOC comments on the yuan
As , both the onshore and offshore yuan are trading below 6.40 currently and this does not seem like very much pushback by Chinese officials. It is pretty much a green light for the yuan to keep with the trend all things considered.

The UK economy looks set for a buzzing summer
ONS data earlier in the day already signaled some excitement for the UK with the number of restaurant bookings being a third higher than pre-pandemic levels for the week through to 24 May i.e. 32% above the same week in 2019.

Remarks by BOE policymaker, Gertjan Vlieghe
The headline in particular is what stands out even if there are caveats associated with it.
GBP/USD now up to 1.4178 from around 1.4135 earlier as buyers break through the key hourly moving averages @ 1.4149-52. Key resistance still seen closer to 1.4200.

Calmer tones but be wary ahead of the London fix again later in the day
The dollar was modestly bid ahead of the fix yesterday and that could owe to some perhaps but it could also be some pushing and pulling on the technical front, though we’ll only get more clarity once the week passes.

The yuan is trading below 6.40 against the dollar
That applies to both the offshore and onshore yuan now, with the latter also breaking to its highest levels since 2018 as it trades past 6.40 against the dollar now.

Mixed tones in Europe but US futures are higher
European indices have shed early gains to sit a little lower and mixed on the session but US futures are still hanging on to its advance throughout the day.

Latest data from the Mortgage Bankers Association for the week ending 21 May 2021
– +1.2%
The drop in mortgage applications in the past week owes much to a sharp decline in refinancing activity as purchases were seen a little higher compared to the previous week.

EUR/USD falls back below the 25 February high to a low of 1.2233
The euro is struggling to build on upside momentum today and part of that reason may owe to a bit of mixed commentary by the ECB as of late.