This is what you need to know to trade today friday june 2:
The US dollar (USD) remains lower in the early hours of Friday after suffering heavy losses against its main rivals the previous day, with the DXY Dollar Index trading below 103.50 in the European morning. Market sentiment remains relatively upbeat as attention turns to the May employment report from the US Bureau of Labor Statistics (BLS), which will include non-farm payrolls (NFP) and wage inflation figures.
On Thursday, the US dollar came under strong bearish pressure after the BLS reported that the change in Unit Labor Costs for the first quarter had been revised significantly downwards up 4.2% from the advanced estimate of 6.3%. On the other hand, the monthly report of Automatic Data Processing (ADP) revealed that employment in the US private sector increased by 278,000 people in May. Although this reading was well above the market forecast of 170,000, the soft wage inflation component of the report did not allow the dollar to gain strength. According to the CME Group’s FedWatch tool, markets are pricing the probability of one more Fed rate hike at the next meeting at more than 30%.
Meanwhile, the US Senate voted to pass the bill to suspend the debt limit. “This bipartisan agreement is a great victory for our economy”US President Joe Biden declared, telling reporters that he will sign the law into law as early as Friday. Reflecting the risk-off sentiment in the markets, the major US stock indices closed higher on Thursday. US stock index futures continue to trade in the green early in the European session.
He EUR/USD posted impressive gains on Thursday and erased all of its weekly losses. The pair continues to stretch higher and remains above 1.0750 in the European morning.
He GBP/USD took advantage of persistent USD weakness and hit its highest level in two weeks above 1.2500 on Thursday. The pair is holding on to small daily gains near 1.2550 early Friday.
He USD/JPY extended its decline for a fourth day in a row on Thursday and broke below 139.00. The pair advances slightly, but remains below that level on the last trading day of the week.
The price of Gold It continued to rise on Thursday as the yield on the 10-year US Treasury slipped below 3.6% for the first time in nearly three weeks. The XAU/USD consolidates its weekly gains around $1,980.
He Bitcoin it has gained traction and has rallied above $27,000 from the weekly low near $26,500 during the Asian session on Friday. After a fall of two days, the ethereum it has staged a bounce and is now up more than 1% on the day, around $1,900.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
