US data dominate the mood in the FX space – Crypto News – Crypto News
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Bulls jump to life in the open, but Bears lurking below 0.9800 Bulls jump to life in the open, but Bears lurking below 0.9800

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US data dominate the mood in the FX space – Crypto News

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The loss of impetus in the US manufacturing sector sparked a deeper pullback in the Greenback and supported further the recovery of the risk-associated assets at the beginning of a week ruled by the ECB event and US Nonfarm Payrolls.

Here is what you need to know on Tuesday, June 4:

The USD Index (DXY) dropped markedly and flirted with three-week lows near the 104.00 neighbourhood. On June 4, Factory Orders take centre stage seconded by the JOLTs Job Openings and the RCM/TIPP Economic Optimism Index.

EUR/USD advanced for the third session in a row and challenged the key 1.0900 barrier amidst generalized Dollar weakness. The release of Germany’s labour market report and EMU’s Consumer Inflation Expectations will be at the centre of the debate on the domestic docket on June 4.

GBP/USD advanced to just pips away from the key 1.2800 hurdle, or multi-week highs, on Monday. The BRC Retail Sales Monitor is expected across the Channel on June 4.

The weaker Dollar and diminishing US yields prompted USD/JPY to recede to multi-session lows in the sub-156.00 region at the beginning of the week. In Japan, a JGB 10-year Auction is only due on June 4.

The increasing selling pressure in the Greenback motivated AUD/USD to advance to the proximity of the 0.6700 mark. On June 4, Business Inventories, Current Account and final Retail Sales are all due in Oz.

WTI prices receded for the third consecutive week and broke below the $77.00 mark per barrel on Monday, as traders digested the bearish tone from the OPEC+ meeting on Sunday.

Gold prices charted a strong advance to the $2,350 region on the back of the intense sell-off in the Dollar and declining US yields across the curve. By the same token, Silver followed suit and reversed three consecutive sessions of losses.

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