This is what you need to know to trade today Wednesday June 2:
The US dollar has been gaining ground on upbeat US data and despite pessimistic comments from the Fed. Oil is benefiting from rumors of higher demand, the Australian dollar is hurt by news of the lockdown and gold slides below $ 1,900.
The tug of war between upbeat US data and Fed pessimism continues. ISM’s PMI Manufacturing Purchasing Managers Index beat estimates with 61.2, while its inflation component remained high at 88 points. Businesses surveyed noted rising prices and shortages, but Fed Governor Randal Quarles said he doesn’t think the central bank should use its tools to counter problems in supply chains.
The dollar fell on Tuesday before recovering on Wednesday despite further pessimism from the Fed’s Lael Brainard, who reiterated the message that the economy still has a long way to go.
The oro It has dropped below $ 1,900 after being above that level for several days, ignoring a small drop in US Treasury yields.
Fed officials Raphael Bostic and Charles Evans will speak later in the day and the institution also publishes its Beige Book.
The GBP/USD It is hovering around the 1.4150 region, far from the highs and despite the UK reporting a day with no deaths from COVID-19. Britain will fully reopen on June 21, but the spread of coronavirus variants poses a risk.
The EUR/USD it is clinging to the 1.22 zone after a bullish move on Tuesday. Jens Weidmann, chairman of the German central bank, will speak later in the day.
The AUD/USD it is trading around 0.7750, unable to benefit from a 1.8% increase in first-quarter gross domestic product GDP, a figure that exceeds estimates. Melbourne will be locked down for seven days after a new coronavirus outbreak.
Petroleum: Saudi Arabian officials said they are satisfied with the surge in demand, pushing WTI crude oil to around $ 68. Nuclear talks with Iran continue in Vienna, and that nation’s return to the world oil market may still weigh on prices.
The cryptocurrencies They have been consolidating in the range, with Bitcoin trading at the $ 36,000 level and Ethereum above $ 2,600. Dogecoin has come under fire in a move potentially related to a news story that the US SEC is investigating Tesla founder Elon Musk for unauthorized tweets. Previously, the dog-themed digital asset increased in response to Coinbase’s announcement that it would include Doge.
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