Daily Insights

June 5, 2024

US job openings fell in the month of April to their lowest level in over three years, consistent with a continuing slowdown of the US labour market. Openings decreased to 8.06 million, from 8.36 million in the prior month leading the number of vacancies per unemployed worker ratio to lower to a three year low (Fed’s closely watched ratio).
The US Dollar Index is steady just above the 104 level as investors wait for US ISM services data. The yield on a 10-year Treasuries advanced to 4.34% last night and the S&P 500 gained for the third consecutive day.

The Yen is poised for its first decline this week as US yields advance and as a preferred pay gauge by the Bank of Japan advanced only 1.7% vs. +1.9% in the previous month and missing estimates. Spot currently sits higher at 155.78, from this morning’s low at 154.80.

EUR/USD is little changed below 1.09 as we prepare for Eurozone PPI data as well as Services PMI across key regions of the common area. The next key level for the pair is around 1.0940, March 21 high and tomorrow the ECB is set to start its interest rate cutting cycle.

Cable has tested the 1.28 level several times the past few days, but we are now consolidating just below it. UK services PMI print is due later this morning and that should be the highlight for the pair today as well as US ISM services data.

Economic Calendar

05 Jun 2024

AUD - GDP q/q

CNY - Caixin Services PMI

AUD - ANZ Job Advertisements m/m

EUR - French Industrial Production m/m

EUR - Spanish Services PMI

EUR - Italian Services PMI

EUR - French Final Services PMI

EUR - German Final Services PMI

EUR - Final Services PMI

GBP - Final Services PMI

EUR - PPI m/m

USD - ADP Non-Farm Employment Change

CAD - Labor Productivity q/q

CAD - BOC Rate Statement

CAD - Overnight Rate

USD - Final Services PMI

USD - ISM Services PMI

CAD - BOC Press Conference

USD - Crude Oil Inventories

Market Indicators

Currency Pairs

Pair	High	Low
eur/gbp	0.85203	0.85149
gbp/usd	1.27808	1.27674
gbp/aud	1.92241	1.91725
gbp/nzd	2.06898	2.06391
usd/jpy	155.729	155.092
eur/usd	1.0886	1.08753
gbp/jpy	198.892	198.094
eur/cnh	7.89554	7.8836
usd/cnh	7.25499	7.245

Equities and Commodities

Nasdaq 100	18703.3
DOW	38799.8
S&P 500	5302.55
BRENT CRUDE	77.4
WTI	73.23
GOLD	2329.52

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.

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Marketwatch EU & UK

Daily Insights

June 5, 2024

Economic Calendar

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Marketwatch EU & UK

Daily Insights June 5, 2024

Economic Calendar

Market Indicators

Other Market News

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GPS Global Wallet Podcast

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Daily Insights

June 5, 2024