The German Ifo business survey is the main highlight on today’s agenda.

The longer weekend has led to a more subdued start today. Major currencies are mostly stable, with dollar pairs trading within narrow ranges and showing little overall change. USD/JPY is down slightly after approaching the 157.00 mark at the end of last week, but there is little else of note in the movements thus far.

In European morning trade, not much is expected to stir the markets. The upcoming German Ifo business survey for May is likely to confirm steady conditions in the German economy for Q2, providing additional reassurance to the ECB after a strong Q1 performance.

As such, expect trading sentiment to remain muted unless there are any unexpected headlines.

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