US Payrolls and rate cut expectations will be in the spotlight – Crypto News – Crypto News
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US Payrolls and rate cut expectations will be in the spotlight – Crypto News

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Prudence ahead of the publication of the US labour market report dominated investors’ sentiment on Thursday, leaving price action in the FX universe largely muted. Meanwhile, the ECB reduced its interest rates by 25 bps, as widely anticipated.

Here is what you need to know on Friday, June 7:

The USD Index (DXY) traded on the defensive near the 104.00 region ahead of key US data due on Friday. In fact, the release of Nonfarm Payrolls and the Unemployment Rate will be at the centre of the debate on June 7, seconded by Wholesale Inventories.

EUR/USD regained traction and approached the 1.0900 zone after the cautious cut from the ECB at its event on Thursday. Germany’s Balance of Trade results are due on June 7 along with another estimate of Q1 GDP Growth Rate in the broader Euroland and a speech by the ECB’s Lagarde.

GBP/USD added to Wednesday’s uptick and traded at shouting distance from the key 1.2800 hurdle. June 7 will only see the release of the Halifax House Price Index.

USD/JPY partially faded Wednesday’s firm performance on the back of the weaker dollar and pale US yields. Household Spending, the preliminary Coincident Index and the Leading Economic Index will be unveiled on June 7.

AUD/USD regained its smile and left behind two straight sessions of losses, retesting two-day highs near 0.6680. The Australian docket will be empty on June 7.

Rising optimism among traders pushed WTI prices to three-day peaks near the $76.00 mark per barrel on the back of the ECB rate cut and positive comments from OPEC+ officials, who left the door open to a modification of the latest agreement.

Gold prices advanced to two-week highs near $2,380 per troy ounce following the softer dollar, marginal moves in US yields, and expectations of rate cuts by the Fed sooner than anticipated. Silver extended its gains and climbed to four-day tops beyond the $31.00 mark per ounce.

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