Log in to today's North American session recap - June 5, 2025
Today's session was marked by volatile reactions from the Trump and Xi Jinping discussions as stock indices went from green to red.
The Nasdaq which was leading on the way up (+0.76% around 11:00) is now leading on the way down - the index is down 1.10%, with Equity markets selling the news.
It seems that traders expected more from the anticipated Trump-Xi call, as the positive mood built up towards these headlines.
There was also some much expected profit taking before tomorrow's key data releases.
The European Central Bank also cut rates by 25 bps to 2% on their Deposit Rate, with Christine Lagarde implying that the ECB's cut cycle is close to its end.
For Economic Data release, US Jobless Claims are above expectations for the second straight week coming at 245K vs 235K expected - something to keep in check for the upcoming weeks.
We will get more news on the US Employment tomorrow with the Non-Farm Payroll report, expected at 130K.
Canada's Ivey PMI data came in better than expected at 48.9 (47.9 exp.) - It seems that Canadian data is trending higher though the base is low, the PMI data still indicates contraction.
Industrial metals are also continuing higher with another 3.5% up day in Silver and Platinum. The latter is breaking out from a monthly consolidation.
Gold is down slightly though consolidating above the break above its descending daily channel and the $3,300 Pivot.
The crypto market is in the red today, with long-term holding whales continuing to take profit. Bitcoin is still above the 100,000 mark and ETH still consolidating above the 2,350 Support Zone.
A picture of today's performance for major currencies
Currency Performance, June 5 - Source: OANDA Labs
The US Dollar rallied back after seeing a huge drop after the ECB Rate Decision. The DXY is consolidating close to the 99.00 level.
The Euro by the way was moving up on very strong momentum, before retracting as the Trump-Xi headlines came out.
EUR/USD came real close to the 1.15 psychological level (1.14951) before retracting, though finishes up on the day.
Apart from that, the forex action was centred on the selling of JPY. Currencies were not too volatile today as most traders are awaiting for the US NFP.
Economic Calendar for the June 6th Session
MarketPulse Economic Calendar for June 6, 2025 (click to enlarge)
This week was heavy in events for Financial Markets, but all eyes are on tomorrow's Non-Farm Payroll data, coming out tomorrow at 8:30 A.M E.T.
Lagarde is speaking in the overnight session at 4:30 right before the European Retail Sales data, expected at 1.4% y/y.
We do not expect the speech by Lagarde to announce anything new relative to today's Press conference.
For Canadian Dollar traders, don't forget the Canadian Jobs report at the same time as the US NFP data.
Safe Trades!
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