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"Small non-agricultural" far inferior to expectations, and Trump is angry with Powell again!
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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Review]: "Small non-farm" is far inferior to expectations, and Trump is angry with Powell again!". Hope it will be helpful to you! The original content is as follows:
On June 5, early trading in the Asian market on Thursday, Beijing time, the US dollar index hovered around 98.75. On Wednesday, the dollar index fell below the 99 mark and returned to a six-week low, eventually closing down 0.42% at 98.813 as weak U.S. economic data pushed up expectations of interest rate cuts. The yield on the US Treasury fell sharply, with the benchmark 10-year US Treasury yield closing at 4.359%, and the 2-year US Treasury yield closing at 3.883%. The weakening of the US dollar drove the rebound of spot gold. After data showed that the US service industry shrank for the first time in a year, gold's gains expanded rapidly, eventually closing up 0.61% to close at $3,373.72/ounce; spot silver closed down 0.03% to $34.492/ounce. Due to reports that Saudi Arabia plans to push OPEC+ to continue to increase production significantly, international crude oil plunged during the session, WTI crude oil once fell below the 62 mark and finally closed down 1.05% at $62.17 per barrel; Brent crude oil closed down 1.15% at $64.67 per barrel.
Analysis of major currencies
Dollar Index: As of press time, the US dollar index hovers around 98.75. The dollar fell across the board on Wednesday, after weaker than expected U.S. private employment data highlighted a continued slowdown in the labor market, and the U.S. service sector shrank for the first time in about a year in May. Technically, if the U.S. dollar index successfully closes below the 98.50 level, it will move towards the next support level in the 98.00–98.20 range.
Analysis of gold and crude oil market trends
1) Analysis of gold market trends
On Thursday, gold trading around 3375.34. The instability of the global economic environment, especially the unexpected shrinkage of the US service industry, the sluggish employment data and the impact of the Trump administration's new tariff policies, has provided strong impetus for the rise of gold. This trading day, we need to pay attention to the changes in the ECB interest rate resolution and the number of initial unemployment claims in the United States. The market expects the ECB to cut interest rates by 25 basis points. In the medium and long term, it tends to support the gold price. In addition, continue to pay attention to the international trade situation and speeches by Federal Reserve officials.
2) Analysis of crude oil market trends
On Thursday, crude oil trading around 61.93. WTI prices fell slightly as Saudi Arabia suggested a possible push for a sharp increase in production, sparking concerns about global oil surplus. On Saturday, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to increase production again on Saturday. OPEC+ plans to increase production by 411,000 barrels per day (bpd) in July at a steady pace after increasing production in May and June.
Forex market trading reminder on June 5, 2025
09:45 China's Caixin Service Industry PMI in May
13:45 Switzerland's seasonally adjusted unemployment rate in May
17:00 Eurozone April PPI monthly rate
19:30 US May challenger xmserving.companies layoffs
20:15 European Central Bank announced interest rate resolution
20:30 US April trade account
20:30 US initial unemployment claims in the week from the United States to May 31
20:45 European Central Bank Bank President Lagarde held a press conference
22:00 US Global Supply Chain Pressure Index in May
22:30 US to May 30 EIA natural gas inventories
00:00 the next day
Federal Director Kugler delivered a speech
01:30 the next day
Federal Huck delivered a speech on the economic outlook
The above content is about "[XM Foreign Exchange Market xmserving.comment]: "Small non-farm" far inferior to expectations, and Trump got angry at Powell again!", which was carefully xmserving.compiled and edited by the XM Foreign Exchange editor. I hope it will be helpful to your transactions! Thanks for the support!
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