Here is what you need to know on Wednesday, June 4:
The action in financial markets remain relatively subdued early Wednesday as investors stay on the sidelines ahead of key events. The US economic calendar will feature private sector employment data and the ISM Services PMI report for May. Additionally, the Bank of Canada (BoC) will announce monetary policy decisions. Finally, the Federal Reserve will publish its Beige Book later in the American session.
US Dollar PRICE This week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.36% | -0.47% | 0.13% | -0.15% | -0.45% | -0.68% | 0.02% | |
| EUR | 0.36% | -0.13% | 0.51% | 0.19% | -0.10% | -0.35% | 0.36% | |
| GBP | 0.47% | 0.13% | 0.64% | 0.32% | 0.03% | -0.22% | 0.50% | |
| JPY | -0.13% | -0.51% | -0.64% | -0.28% | -0.59% | -0.82% | -0.20% | |
| CAD | 0.15% | -0.19% | -0.32% | 0.28% | -0.30% | -0.54% | 0.17% | |
| AUD | 0.45% | 0.10% | -0.03% | 0.59% | 0.30% | -0.19% | 0.54% | |
| NZD | 0.68% | 0.35% | 0.22% | 0.82% | 0.54% | 0.19% | 0.72% | |
| CHF | -0.02% | -0.36% | -0.50% | 0.20% | -0.17% | -0.54% | -0.72% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
The data from the US showed on Tuesday that the number of job openings rose to nearly 7.4 million in April from 7.2 million in March. This upbeat data, combined with the risk-positive market environment, helped the US Dollar (USD) outperform its rivals. After rising more than 0.5% on Tuesday, the USD Index stays in a consolidation phase slightly above 99.00 in the European session on Wednesday. Meanwhile, US stock index futures trade little changed midweek. Earlier in the day, United States (US) President Donald Trump said in a social media post that Chinese President Xi Jinping is very tough and “extremely hard to make a deal with.”
The BoC is widely expected to keep the policy rate unchanged at 2.75% following the June meeting. After the interest rate decision is announced, BoC Governor Tiff Macklem will deliver his prepared remarks and respond to questions in a press conference starting at 14:30 GMT. USD/CAD stays quiet ahead of this event and fluctuates in a tight channel above 1.3700.
The data from Australia showed early Wednesday that the Gross Domestic Product (GDP) expanded at an annual rate of 1.3% in the first quarter. This print came in below the market expectation of 1.5%. AUD/USD holds its ground and trades above 0.6450 in the European morning.
EUR/USD lost about 0.6% on Tuesday and erased Monday’s gains. The pair corrects higher to start the European session but trades slightly below 1.1400.
After posting small losses on Tuesday, GBP/USD struggles to find direction early Wednesday and moves up and down in a narrow band below 1.3550.
USD/JPY trades flat on the day at around 144.00 after posting strong gains on Tuesday.
Following Monday’s decisive rally, Gold failed to preserve its bullish momentum and closed in negative territory on Tuesday. XAU/USD holds steady at around $3,350 in the European session on Wednesday.