untitled design

Forex Hpy – Asian session: The dollar returns on the hand of the optimistic data of the USA.

What you need to know on Friday, June 4:

The dollar soared against most of its main rivals, reaching new weekly and even monthly highs in all currency markets. Late on Wednesday, the US Federal Reserve announced that it would begin rolling back one of its programs established to support the economy during the pandemic. “Sales of the portfolio will be gradual and orderly and will aim to minimize the potential for any adverse impact on the functioning of the market,” the Fed said.

The news sent stocks down and the dollar higher, with the latter rebounding driven by upbeat US data. The country released the ADP survey on private job creation, which registered 978,000 in May, well above the 650,000 expected. Initial jobless claims for the week ending May 28 printed at 385,000, better than the 395,000 expected and the lowest reading since the pandemic began. Finally, ISM’s services PMI jumped to 64 in May, beating expectations.

The United States economy is recovering at a faster rate, helped by the immunization campaign and a better climate. The country is due to release the May Non-Farm Payrolls report on Friday, and substantial job gains could further boost the greenback.

The EUR / USD pair is flirting with 1.21, while the GBP / USD is trading around 1.4100. The USD / JPY pair soared to a fresh 2-month high of 110.31, while commodity-linked currencies also gave way to the strength of the dollar.

Gold tumbled to end the day at $ 1,871 a troy ounce, while crude oil prices maintained gains. The WTI closed at $ 68.70 a barrel.

European stocks closed in the red, causing heavy losses on Wall Street before the open. However, upbeat US data helped US indices trim most of their intraday losses.

Yields on US government bonds rose and were near the upper limit of their weekly range.

.

You may also like

Ethena Labs project will hold an airdrop
Top News
David

Ethena Labs project will hold an airdrop

The Ethereum-based decentralized stablecoin (USDe) protocol team, Ethena Labs, announced an airdrop on April 2, 2024. We are excited to

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular