Forex Today Dollar Recovery is losing steam ahead of employment data. – Rayrice Forex News

Forex Today Dollar Recovery is losing steam ahead of employment data.

Thursday, June 2 Here is what you need to know:

Rising U.S. bond yields continued to hit the greenback on Wednesday, and the US Dollar Index (DXY) recorded the biggest one-day gain in a month. DXY remains below consolidation levels below 102.50 as it converts to ADP Private Sector Employment Report and US Department of Labor weekly initial unemployment data. The US Economy Document shows unit labor costs for the first quarter and Eurostat Indicator Price Index (PPI) for the Euro area.

US ADP Employment Change May Preview

OPEC + is due to convene on Thursday, and Reuters reported earlier that the group was seeking a solution to Russia’s one-million-barrel-a-day production crisis. The West Texas Medium (WTI) barrel, which rose to $ 120 earlier in the week, was down 1.5% daily to $ 113.00.

Meanwhile, the president of the St. Louis Federal Reserve Bank, James Bullard, said on Wednesday that he was skeptical of the possibility of a recession. Similarly, Richmond Federation President Thomas Barkin told Fox Business that the latest data or actions of business executives do not indicate failure. The 10-year US Treasury bond yields rose more than 2 percent on Wednesday and eventually moved up more than 2.9 percent. US stock index futures rose between 0.2% and 0.5%, indicating that market sentiment is improving early Thursday.

Euro / dollar It lost about 100 pips on Wednesday but improved again during the European session. Although the pair traded in the positive territory, it still remains below 1.0700 per day. Francois Villeroy de Galhaw, a European Central Bank policy maker, said on Thursday that inflation in the eurozone was too high and too wide. “ECB policy needs to be standardized,” Villeroy added.

GBP / USD After heavy losses on Wednesday, 1,2500 returned on Thursday. UK markets close on Thursday and Friday. Therefore, the dollar market value should continue to dominate the pairs.

Following the decision of the Bank of Canada to increase its policy rate by 50% to 1.5%. USD / CAD It dropped to 1.2600. The fall in crude oil prices, however, made Luni’s emotional backbone difficult to maintain and the pair recovered more than 1,2650.

After falling below a new multi-week low of $ 1,830, Gold It changed direction to $ 1,850. XAU / USD is temporarily holding ground but may be weighed against another pair higher than US stocks and vice versa.

Burning with American growth USD / JPY Extended the rally to 130.00. Bank of Japan (BOJ) Board Member Seji Adachi argued on Thursday that trying to curb weak Yen by tightening monetary policy would reduce corporate financial support.

Following the crucial recovery journey earlier this week, Bitcoin On Wednesday, they lost more than 6 percent under new sales pressure. At the time of press, BTC / USD was moving sideways below $ 30,000. Ethereum It closed in the negative state on the second straight day and lost about 10% during that time. ETH / USD is currently moving up and down the narrow range around $ 1,800.


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