Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to lower key rates by 25 basis points at the June policy meeting and responds to questions from the press.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to lower key rates by 25 basis points at the June policy meeting and responds to questions from the press.
Russia Central Bank Reserves $ climbed from previous $678.5B to $678.7B
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to lower key rates by 25 basis points at the June policy meeting and responds to questions from the press.
According to Xinhua news agency, United States (USD) President Donald Trump and Chinese President Xi Jinping held a phone call on Trump's request to engage in discussions and reflect ongoing diplomatic communication amidst tensions.
There were 247,000 initial jobless claims in the week ending May 31, according to data published Thursday by the United States (US) Department of Labor (DOL). This figure followed the previous week's print of 239,000 (revised from 240,000) and came in worse than the market expectation of 235,000.
United States Unit Labor Costs came in at 6.6%, above expectations (5.7%) in 1Q
United States Goods Trade Balance climbed from previous $-87.62B to $-87.4B in April
United States Continuing Jobless Claims came in at 1.904M below forecasts (1.91M) in May 23
Canada International Merchandise Trade came in at $-7.14B, below expectations ($-1.5B) in April
Canada Exports down to $60.44B in April from previous $69.9B
United States Initial Jobless Claims 4-week average up to 235K in May 30 from previous 230.75K
United States Initial Jobless Claims came in at 247K, above expectations (235K) in May 30
Canada Imports down to $67.58B in April from previous $70.4B
United States Goods and Services Trade Balance above forecasts ($-94B) in April: Actual ($-61.6B)
The Indian Rupee (INR) strengthens modestly against the US Dollar (USD) on Thursday, ending a two-day losing streak as the Greenback softened following Wednesday’s weaker-than-expected US economic data.
Gold (XAU/USD) extends its upward move during the European session on Thursday, with markets focusing on the European Central Bank (ECB) decision, US employment data, and developments surrounding trade talks ahead of US President Donald Trump’s meeting with German Chancellor Friedrich Mertz.
Eurozone ECB Rate On Deposit Facility meets forecasts (2%)
Eurozone ECB Main Refinancing Operations Rate meets expectations (2.15%)
Mexico Consumer Confidence s.a increased to 46.7 in May from previous 45.3
Mexico Consumer Confidence up to 46.5 in May from previous 45.5
The US Dollar’s recovery has been short-lived.
Japanese Yen (JPY) is soft, down 0.3% against the US Dollar (USD) and underperforming all of the G10 currencies as it fades a portion of Wednesday’s push toward the upper end of its local range, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Pound Sterling (GBP) is up a modest 0.2% against the US Dollar (USD), outperforming most of the G10 currencies as it pushes toward last week’s multi-year high, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The NZD/USD pair posts a fresh seven-month high near 0.6055 on Thursday. The Kiwi pair strengthens as the New Zealand Dollar (NZD) outperforms across the board despite growing uncertainty over trade relations between the United States (US) and China.
The Canadian Dollar (CAD) is steady, holding near yesterday’s high against the US Dollar (USD). The BoC’s 'dovish hold' outcome yesterday was largely as expected, Scotiabank's Chief FX Strategist Shaun Osborne notes.
United States Challenger Job Cuts: 93.816K (May) vs previous 105.441K
EUR is quietly consolidating in a tight range just above 1.14, entering Thursday’s NA session unchanged from Wednesday’s close, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Markets are trading in relatively subdued fashion, leaving the USD soft overall but little changed on the session and holding near the past week’s low, Scotiabank's Chief FX Strategist Shaun Osborne notes.
USD/CAD is breaking lower. The downward shift in US rate expectations outweighed the Bank of Canada (BOC) slightly dovish hold, BBH FX analysts report.
Gold price (XAU/USD) posts a fresh four-week high, advances to near $3,400 during European trading hours on Thursday.
US Dollar (USD) could continue to weaken against Chinese Yuan (CNH); any further decline is unlikely to break below 7.1600. In the longer run, mild downward pressure could lead to USD edging lower; it remains to be seen if it can reach 7.1400, BBH FX analysts report.
China private sector services activity picked-up in May, BBH FX analysts report.
There is scope for US Dollar (USD) to continue to weaken against Japanese Yen (JPY); the major support at 142.10 is unlikely to come under threat.
JPY is underperforming all major currencies, BBH FX analysts report.
The Euro keeps trading on a moderate positive bias on Thursday, fuelled by a positive surprise on Eurozone services PMI data, but remains trading within previous days’ ranges, with investors awaiting the ECB’s monetary policy decision.The bank is widely expected to cut interest rates for the eighth
New Zealand Dollar (NZD) could edge higher against US Dollar (USD), but any advance is unlikely to threaten this week’s high, near 0.6055.
GBP/USD is firm just under key resistance at 1.3600. UK inflation expectations were anchored in May, BBH FX analysts report.
Australian Dollar (AUD) could first test 0.6515 against the US Dollar (USD) before the risk of a pullback increases. In the longer run, price action suggests AUD could continue to rise and test the significant resistance level at 0.6540, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The ECB is widely expected to cut the policy rate 25bps to 2.00% (8:15am New York, 1:15pm London), BBH FX analysts report.
Ireland Gross Domestic Product (YoY) registered at 22.2% above expectations (13.3%) in 1Q
Ireland Gross Domestic Product (QoQ) came in at 9.7%, above expectations (3.2%) in 1Q
The US dollar has been consolidating at weaker levels overnight following yesterday’s sell-off triggered by weak US economic data releases. It has resulted in the dollar index falling back towards recent lows at just below the 99.000-level.
The USD/JPY pair is up 0.25% to near 143.10 during European trading hours on Thursday. The pair trades firmly as the Japanese Yen (JPY) underperforms across the board.
A slight increase in upward momentum suggests an upside bias, but Pound Sterling (GBP) is unlikely to break clearly above 1.3600. In the longer run, GBP must first close above 1.3600 before a sustained advance can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
A total of 52 out of 52 surveyed economists expect a quarter point ECB rate reduction today. 'How could so many economists possibly be wrong?', UBS' economist Paul Donovan asks.
EUR/USD is showing renewed upward momentum after defending key support, breaking out of its recent channel and regaining technical strength. With bullish signals in place, the pair appears poised for further gains in the near term, Société Générale's FX analysts note.
Silver prices (XAG/USD) rose on Thursday, according to FXStreet data.
The Australian Dollar is trading higher for the second consecutive day on Thursday as US Dollar weakness offsets the impact of the downbeat Australian GDP figures seen on Wednesday, pushing the pair to one-week highs above 0.6500.The US Dollar weakness is the main driver of an otherwise calm market
The latest Bank of England (BoE) Decision Maker Panel (DMP) quarterly survey released on Thursday showed that “one-year ahead expected CPI inflation by the UK firms remained unchanged at 3.2% in the quarter to May.”
USD/CHF recovers its recent losses of over 0.50% registered in the previous session, trading around 0.8200 during the European hours on Thursday. The seasonally adjusted Swiss Unemployment Rate rose to 2.9% month-over-month in May, indicating a lack of expansion within the Swiss labor market.
Spain 5-y Bond Auction climbed from previous 2.375% to 2.386%
Spain 3-y Bond Auction dipped from previous 2.251% to 2.118%
France 10-y Bond Auction down to 3.17% from previous 3.37%
Eurozone Producer Price Index (YoY) registered at 0.7%, below expectations (1.2%) in April
Eurozone Producer Price Index (MoM) came in at -2.2%, below expectations (-1.8%) in April
Greece Unemployment Rate (QoQ) increased to 10.4% in 1Q from previous 9.5%
The hard US data still looks pretty good and that there are no real signs of the feared stagflation yet. This is hardly surprising, as most tariffs have been suspended for 90 days, so markets are unlikely to see any effects until the tariffs are actually put in place.
'Slightly pessimistic and uncertain' was the characterisation of the US outlook expressed in the Fed's Beige Book released last night and ahead of the next FOMC meeting on 19 June.
The market is convinced that the ECB will cut its key rates by another 25 basis points today. This will lower the deposit rate to 2.00%.
The ECB is widely expected to cut rates by 25bp today. This will take the deposit rate to 2.00%. The market currently prices a further 25bp cut by the 30 October meeting.
Recovery has gained momentum; Euro (EUR) could test 1.1455 against US Dollar (USD), but a sustained rise above this level is unlikely.
The US Dollar Index (DXY) is trading practically flat on Thursday, consolidating losses after a bearish reversal on Wednesday, as downbeat Services and employment data, coupled with the ongoing tariffs uncertainty, revived fears of an upcoming recession.The US Institute of Supply Management’s Servic
NZD/USD extends its gains for the second successive day, trading around 0.6030 during the European hours on Thursday. The pair maintains its position near an eight-month high at 0.6055, recorded on June 3.
United Kingdom S&P Global Construction PMI registered at 47.9 above expectations (47.2) in May
Silver prices (XAG/USD) maintain their bullish structure intact, with bulls aiming for the $34.60-$34.80 resistance area, with downside attempts contained above the $34.00 support level.A US Dollar on its back foot is contributing to keeping the precious metal buoyed.
Italy Retail Sales s.a. (MoM) came in at 0.7%, above expectations (0.2%) in April
The Pound Sterling (GBP) exhibits strength above 1.3550 against the US Dollar (USD) during European trading hours on Thursday. The GBP/USD pair trades firmly while the US Dollar struggles to gain ground after a sharp sell-off on Wednesday.
Italy Retail Sales n.s.a (YoY) climbed from previous -2.8% to 3.7% in April
GBP/JPY recovers its recent losses registered in the previous session, trading around 194.30 during the European hours on Thursday. The currency cross appreciates as the Japanese Yen (JPY) loses ground following the labor market data.
The EUR/GBP pair trades slightly lower around 0.8410 during European trading hours on Thursday. The pair faces moderate selling pressure ahead of the European Central Bank’s (ECB) interest rate decision, which will be announced at 12:15 GMT.
EUR/USD edged lower in a calm Asian session on Thursday and trades right above the 1.1400 level at the time of writing.
Crude prices have been capped again at the $63.00 area, before dropping to levels right above $62.00 at the time of writing.
The USD/CAD pair extends its bearish consolidative price action heading into the European session on Thursday and currently trades around the 1.3670-1.3665 area, just above the lowest level since October 2024 touched the previous day.
Austria Wholesale Prices n.s.a (MoM) rose from previous -0.4% to -0.3% in May
Austria Wholesale Prices n.s.a (YoY) increased to -0.5% in May from previous -1%
Switzerland Unemployment Rate s.a (MoM) registered at 2.9% above expectations (2.8%) in May
Here is what you need to know on Thursday, June 5:
The European Central Bank (ECB) is widely expected to reduce key interest rates for the seventh time in a row. The decision will be announced on Thursday at 12:15 GMT.
The EUR/GBP cross trades on a flat note near 0.8420 during the early European session on Thursday. Traders prefer to wait on the sidelines ahead of the European Central Bank (ECB) interest rate decision later on Thursday.
West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $62.07 per barrel, down from Wednesday’s close at $62.16.
Germany Factory Orders n.s.a. (YoY): 4.8% (April) vs 3.8%
Germany's Factory Orders unexpectedly rose in April, suggesting that the country’s manufacturing sector sustained its recovery, according to the official data published by the Federal Statistics Office on Thursday.
Sweden Current Account (QoQ): 119.3B (1Q) vs 111.9B
Germany Factory Orders s.a. (MoM) came in at 0.6%, above expectations (-1%) in April
GBP/USD retraces its recent gains from the previous session, trading around 1.3550 during the Asian hours on Thursday. The pair depreciates as the US Dollar (USD) gains ground amid a technical correction.
The AUD/JPY cross attracts fresh buyers during the Asian session on Thursday and for now, seems to have stalled the previous day's retracement slide from the 93.60 area, or the weekly high.
The USD/CHF pair trades with caution near the six-week low around 0.8200 during late Asian trading hours on Thursday.
The EUR/JPY cross edges higher to around 163.15 during the Asian trading hours on Thursday. The Japanese Yen (JPY) softens against the Euro (EUR) amid the expectation that the next interest rate hike by the Bank of Japan (BoJ) will not come soon.
Singapore Retail Sales (MoM) increased to 0.3% in April from previous -2.8%
Singapore Retail Sales (YoY) dipped from previous 1.1% to 0.3% in April
The NZD/USD pair trades with a positive bias for the second straight day, though it remains below the 0.6050 level through the Asian session on Thursday amid a modest US Dollar (USD) uptick.
USD/MXN inches higher after registering losses in the previous session, trading around 19.20 during the Asian hours on Thursday. The daily chart’s technical analysis suggests a prevailing bearish bias, with the pair consolidating within a descending channel pattern.
Gold prices fell in India on Thursday, according to data compiled by FXStreet.
FX option expiries for Jun 5 NY cut at 10:00 Eastern Time vi a DTCC can be found below.
Gold price (XAU/USD) edges lower following an Asian session uptick to the $3,384 area amid a slight US Dollar (USD) bounce, though the near-term bias seems tilted firmly in favor of bullish traders.
The USD/CAD pair appears vulnerable near an over eight-month low, slightly above 1.3650 during Asian trading hours on Thursday. The Loonie pair stays under pressure as the US Dollar (USD) remains on backfoot amid renewed United States (US) stagflation risks and trade uncertainty.
The EUR/USD pair trades with caution, slightly above the key level of 1.1400 during Asian trading hours on Thursday. The major currency pair is expected to remain sideways, with investors awaiting the European Central Bank's (ECB) interest rate decision announcement at 12:15 GMT.
Silver price (XAG/USD) edges higher after registering losses in the previous two successive sessions, trading around $34.50 per troy ounce during the Asian hours on Thursday.
The Indian Rupee (INR) holds steady on Thursday. The renewed US Dollar (USD) demand from foreign banks and oil companies could exert some selling pressure on the Indian currency.
The Japanese Yen (JPY) edges lower against a recovering US Dollar (USD) during the Asian session on Thursday and stalls the previous day's goodish rebound from the weekly low.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding its position after registering losses in the previous session and trading around 98.90 during the Asian hours on Thursday.
The Australian Dollar (AUD) extends its gains for the second successive session against the US Dollar (USD) on Thursday. The AUD/USD pair remains stronger following the release of domestic trade balance and China’s Caixin Services Purchasing Managers’ Index (PMI) data.
China's Services Purchasing Managers' Index (PMI) inched higher to 51.1 in May from 50.7 in April, the latest data published by Caixin showed on Thursday.
China Caixin Services PMI in line with forecasts (51.1) in May
Australia’s trade surplus declined to 5,413M MoM in April versus 6,100M expected and 6,892M (revised from 6,900M) in the previous reading, according to the latest foreign trade data published by the Australian Bureau of Statistics on Thursday.
Australia Trade Balance (MoM) registered at 5413M, below expectations (6100M) in April
Australia Exports (MoM) fell from previous 7.6% to -2.4% in April
Australia Imports (MoM) rose from previous -2.2% to 1.1% in April
New Zealand ANZ Commodity Price up to 1.9% in May from previous 0%
On Thursday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1865 as compared to the previous day's fix of 7.1886 and 7.1762 Reuters estimate.
The NZD/USD pair extends the rally to around 0.6035 during the early Asian session on Thursday. The US Dollar (USD) softens against the New Zealand Dollar (NZD) due to the concern over mounting economic and political uncertainty in the US economy.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $62.00 during the Asian trading hours on Thursday. The WTI price edges lower as Saudi Arabia signals it may push for a large production increase, raising fears of a global oil oversupply.
Ireland AIB Services PMI rose from previous 52.8 to 54.7 in May
Japan Foreign Investment in Japan Stocks increased to ¥336.1B in May 30 from previous ¥309.3B
Federal Reserve Bank of Minneapolis President Neel Kashkari said late Wednesday that the labour market is showing some signs of slowing down. However, the central bank must stay in wait-and-see mode to assess how the economy responds to the uncertainty.
Japan Labor Cash Earnings (YoY) below forecasts (2.6%) in April: Actual (2.3%)
The USD/CAD pair remains under selling pressure around 1.3675 during the early Asian session on Thursday. Weaker US economic data and mounting economic and political uncertainty weigh on the US Dollar (USD) broadly.
South Korea Gross Domestic Product Growth (QoQ) in line with forecasts (-0.2%) in 1Q
South Korea Gross Domestic Product Growth (YoY) came in at 0%, above forecasts (-0.1%) in 1Q
GBP/USD caught a bid on Wednesday, paring the previous day’s losses and keeping price action on the high side of recent congestion. Bids remain pinned firmly above 1.3500 with key US Nonfarm Payrolls data looming ahead later in the week.
The Australian Dollar (AUD) is gaining confidence against the US Dollar (USD) on Wednesday, with bulls eagerly approaching a critical barrier of resistance.
South Korea FX Reserves declined to 404.6B in May from previous 404.67B