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People's Bank of China USD/CNY reference rate is due around 0115 GMT.

The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%.

How the process works:

• Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan against a basket of currencies, primarily the US dollar. The central bank takes into account factors such as market supply and demand, economic indicators, and international currency market fluctuations. The midpoint serves as a reference point for that day's trading.
• The trading band: The PBOC allows the yuan to move within a specified range around the midpoint. The trading band is set at +/- 2%, meaning the yuan could appreciate or depreciate by a maximum of 2% from the midpoint during a single trading day. This range is subject to change by the PBOC based on economic conditions and policy objectives.
• Intervention: If the yuan's value approaches the limit of the trading band or experiences excessive volatility, the PBOC may intervene in the foreign exchange market by buying or selling the yuan to stabilize its value. This helps maintain a controlled and gradual adjustment of the currency's value.

This article was written by Eamonn Sheridan at www.forexlive.com.

Its Spring Bank holiday in the UK and Memorial Day in the US.

Markets are closed in those countries. Although the CME will offer limited hours for Globex. Its open now, for example, with equity index futures supported by Trump's backing away from his June 1 imposition of 50% tariffs on the European Union, giving the bloc until July 9 to work a trade deal out.

Any bets he extends the deadline again if we get to July 9 without a deal singed?

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Meanwhile, S&P 500 futures update:

This article was written by Eamonn Sheridan at www.forexlive.com.

Japanese Prime Minister spoke on Sunday:

• aims to advance tariff talks with the US
• goal of achieving an outcome during the Group of Seven summit in June
• said there has been progress in negotiations
• willingness to cooperate in shipbuilding

Japan Prime Minister Ishiba held phone talks with Trump on Friday, a 45 minute call. Also this:

• Japan PM Ishiba: No change to our stance on U.S. tariffs

would seem to be a bit of a roadblock?

This article was written by Eamonn Sheridan at www.forexlive.com.