Log in to today's North American session recap - June 2, 2025
Today’s story was about the US dollar's weakness. Between a risk-off morning with gold racing to 4-week highs and almost everything rallying against the USD, it’s a bad day for the greenback.
US Equities began the session mixed but still finished up all-around, with the Nasdaq leading the charge again—up 0.80%.
Other indices around the globe also closed in the green as the sentiment got more positive. The United States Trade Representative (USTR) has announced a three-month extension to some Chinese goods until August 31, 2025 - leaving more time for different parties to reach an agreement.
In Forex, all majors rallied against the USD with the NZD on top of majors at +1.30% followed by the AUD and the JPY - respectively up 1.02% and 0.85%.
Oil also rallied from the bottom of its range as battles between Russia and Ukraine dominated the announcement of more supply from OPEC+.
The market was also expecting a bigger hike than what was announced. Anyhow, Oil is approaching the upper bound of its range around $64 - closing up 3.88% on the session.
A picture of today's performance for major currencies
Currency Performance, June 2 - Source: OANDA Labs
Asia-Pacific currencies outperformed the US Dollar in today’s FX session.
The New Zealand dollar broke above its 0.59–0.60 range, supported by reduced RBNZ rate cut expectations and renewed trade deal extensions—positive news for the region closely tied with China.
The AUD and NZD tend to rally on positive news from China.
The Loonie got dragged from the USD weakness, finishing the session "only" up 0.20%. The market might be waiting for the Bank of Canada meeting on Wednesday June 4th before moving further.
Bitcoin is finishing the session unchanged, still consolidating above the $100,000 mark.
On the other hand, Gold bulls enjoyed the USD weakness to push the precious metal towards a break out from it's descending channel.
Read More: Gold Surges on Safe-Haven Demand
Economic Calendar for the June 3rd Session
MarketPulse Economic Calendar for June 2 and June 3, 2025 (click to enlarge)
The overnight session has a few of market-moving events including RBA Minutes (21:30 E.T.), China Caixin Manufacturing PMI (22:00) expected at 50.6, a speech from Bank of Japan governor Ueda at 3:50 A.M. and finally Harmonized CPI Data from the Eurozone at 5:00 A.M.
The North American Session will only be concerned with the JOLTS release, where we will have a better idea of the state of employment in the US - I feel that markets will start to take a closer look at this data as there is still uncertainty about the US Economy with ongoing trade tension.
There will also be two speakers from the FED tomorrow with FED's Cook and FED's Goolsbee. The president of the Chicago FED, a dove, has been speaking at a few events already since last week. He notably said that "If we can get past this bumpy period, the dual mandate looks pretty good," - Positive about the Inflation outlook.
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