Market news

US ISM Manufacturing: April report offers a mixed read on the state of the industry – Wells Fargo

USD/CAD finds its feet and rebounds towards 1.2660s after the BoC’s rate hike

EUR/USD drops quickly to 1.0650 as US dollar soars and stocks tumble

WTI stabilises in mid-$110s, with oil still well supported despite WSJ reports of Russia leaving OPEC+

US: JOLTS Job Openings fall to 11.4 million in April, in line with expectations

United States ISM Manufacturing Prices Paid registered at 82.2, below expectations (83) in May

United States JOLTS Job Openings meets expectations (11.4M) in April

United States ISM Manufacturing PMI above forecasts (54.5) in May: Actual (56.1)

US: ISM Manufacturing PMI rises to 56.1 in May vs. 54.5 expected

Canada BoC Interest Rate Decision in line with expectations (1.5%)

Breaking: Bank of Canada hikes interest rates by 50 bps to 1.50% as expected

United States Construction Spending (MoM) came in at 0.2%, below expectations (0.5%) in April

United States ISM Manufacturing Employment Index came in at 49.6, below expectations (53.6) in May

United States ISM Manufacturing New Orders Index above expectations (53.6) in May: Actual (55.1)

USD/JPY Price Analysis: Bulls likely to target 130.00 amid risk-on/modest USD strength

GBP/USD slides below 1.2550, breaks below recent uptrend with US data in focus

United States S&P Global Manufacturing PMI dipped from previous 57.5 to 57 in May

EUR/USD Price Analysis: Further gains on the table above 1.0790

GBP/USD: Bullish picture looks weaker, but with a still broadly positive trajectory – Scotiabank

EUR/USD to reverse some of its recent gains on a break under 1.07 – Scotiabank

Canada S&P Global Manufacturing PMI registered at 56.8, below expectations (57.6) in May

S&P 500 Index to stage a deeper corrective recovery toward 4272/4314 – Credit Suisse

US Dollar Index Price Analysis: Further recovery likely above 100.85

When is the BoC monetary policy decision and how could it affect USD/CAD?

Brazil S&P Global Manufacturing PMI: 54.2 (May) vs 51.8

United States Redbook Index (YoY): 12.6% (May 27) vs 11.4%

Gold Price eyes new multi-week lows as key support fails

NZD/USD recovers Asia Pacific session losses, back in low 0.6500 pre-US ISM Manufacturing data release

When is the US ISM Manufacturing PMI and how could it affect EUR/USD?

Chile IMACEC below expectations (7.7%) in April: Actual (6.9%)

EUR/JPY Price Analysis: Next on the upside comes the 2022 high at 140.00

USD/JPY to skyrocket towards the January 2002 high near 135.15 – BBH

EUR/USD set to retest its recent lows close at the 1.0350 mark – Rabobank

USD/JPY: Scope for a move to resistance at 131.35 – Credit Suisse

Three possible scenarios to stem the decline in purchasing power – Natixis

AUD/USD Price Analysis: Seems poised to test 100/200-DMA confluence, around mid-0.7200s

Gold Price Analysis: XAU/USD slides back under 200DMA as buck/yields rise ahead of key US data releases

South Africa Total New Vehicle Sales: 39177 (May) vs 37107

United States MBA Mortgage Applications dipped from previous -1.2% to -2.3% in May 27

USD/CAD drops back closer to over one-month low, below mid-1.2600s ahead of BoC/US data

China: Firm PMIs show the recovery is on the way – UOB

EUR/USD looks offered but holds on above 1.0700, focus on Lagarde

GBP/USD remains depressed below 1.2600 mark, seems vulnerable to slide further

Euro area Unemployment Rate stays unchanged at 6.8% in April vs. 6.7% expected

European Monetary Union Unemployment Rate above expectations (6.7%) in April: Actual (6.8%)

A period of gradual re-strengthening in the dollar is simmering – ING

USD/CAD to stay below 1.2700/50 as BoC is committed to fight inflation – ING

Gold Price Analysis: XAUUSD hangs near two-week low, around $1,830 area amid stronger USD

EUR/GBP to march forward but sterling unlikely to collapse – ING

EUR/USD: On track for a return to 1.05 – ING

Hong Kong SAR Retail Sales above expectations (-19.2%) in April: Actual (11.7%)

United Kingdom S&P Global/CIPS Manufacturing PMI meets forecasts (54.6) in May

ECB's Holzmann: Inflation data back the need for a 50 bps hike

USD/JPY climbs to two-week high, around mid-129.00s amid stronger USD/positive risk tone

USD/CNH still points to further consolidation – UOB

US Dollar Index pushes higher and targets 102.00

European Monetary Union S&P Global Manufacturing PMI above forecasts (54.4) in May: Actual (54.6)

Greece S&P Global Manufacturing PMI: 53.8 (May) vs previous 54.8

Italy Unemployment registered at 8.4% above expectations (8.3%) in April

Germany S&P Global/BME Manufacturing PMI came in at 54.8, above forecasts (54.7) in May

France S&P Global Manufacturing PMI came in at 54.6, above expectations (54.5) in May

Italy S&P Global Manufacturing PMI below expectations (53.5) in May: Actual (51.9)

ECB to deliver 50 bps rate hike by September – Deutsche Bank

Forex Today: Dollar keeps its footing ahead of US PMI data, BOC rate decision

Austria Unemployment Rate down to 5.7% in May from previous 6.1%

Austria Unemployment declined to 237.8K in May from previous 254.8K

Switzerland SVME - Purchasing Managers' Index below forecasts (61) in May: Actual (60)

USD rally to run out of steam, furthr gains to be modest and short-lived – UBS

US dollar sell-off may run out of steam over the short-term – MUFG

Spain S&P Global Manufacturing PMI registered at 53.8 above expectations (52.5) in May

AUD/USD struggles to conquer 0.7200 mark amid sustained USD buying interest

GBP/USD to suffer substantial losses towards the 1.2073/13 support zone – Credit Suisse

Silver Price Analysis: Support at $18.95/40 to hold at first for a consolidation phase – Credit Suisse

Netherlands, The Markit Manufacturing PMI down to 57.8 in May from previous 59.9

USD/INR: RBI to limit rupee weakness to the 78 level in the sort-term – Credit Suisse

USD/RUB bears attack 61.00 as USD stays firmer ahead of US PMIs

Gold Price Forecast: XAUUSD to plunge below the $1,800 level – TDS

USD/INR: Indian rupee to remain on the backfoot for now – Commerzbank

FX option expiries for June 1 NY cut

USD/TRY: Lira remains vulnerable, but current levels not offer a favourable risk-reward – Credit Suisse

USD/CAD: Loonie to shrug off BoC's meeting – Commerzbank

EUR/HUF to dip towards 380 if Hungary hikes one-week depo rate by 50bps or more – Credit Suisse

EUR/NOK: Levels in the area of 10 are quite possible – Commerzbank

Australia RBA Commodity Index SDR (YoY) came in at 30.4%, below expectations (38.2%) in May

Sweden Purchasing Managers Index Manufacturing (MoM) rose from previous 55 to 55.2 in May

AUD/CAD: Downside is an appropriate expression of diverging monetary policy stories – Credit Suisse

USD/TRY Price Analysis: Weekly support break hints at further downside towards 16.00

EUR/USD to slowly take a wait-and-see approach in the area around 1.07 – Commerzbank

USD/JPY: Extra gains could revisit 129.30 – UOB

Natural Gas Futures: Extra decline on the cards

NZD/USD: The medium-term outlook is complicated – ANZ

Gold Price Forecast: XAUUSD justifies bear cross around $1,830, US PMIs, Fedspeak eyed

USD/CAD Price Analysis: Shall be bided on a cushion around 61.8% Fibo retracement at 1.2660

Gold Price Forecast: XAUUSD eyes $1,800, more pain ahead

AUD/USD: Further downside could test 0.7230 – UOB

German Retail Sales drop by 0.4% YoY in April, surprise negatively

Crude Oil Futures: Door open to further downside

Norway Current Account rose from previous 269.48B to 341.1B in 1Q

Norway Current Account climbed from previous 269.48B to 341.06B in 1Q

Germany Retail Sales (YoY) registered at -0.4%, below expectations (4%) in April

United Kingdom Nationwide Housing Prices s.a (MoM) rose from previous 0.3% to 0.9% in May

United Kingdom Nationwide Housing Prices n.s.a (YoY) declined to 11.2% in May from previous 12.1%

Russia S&P Global Manufacturing PMI climbed from previous 48.2 to 50.8 in May

Germany Retail Sales (MoM) came in at -5.4% below forecasts (0%) in April

EUR/GBP to advance nicely towards 0.86 given pound's vulnerability – Rabobank

French FinMin Le Maire: Should pass inflation peak at end of 2023

GBP/USD looks range bound in the near term – UOB

WTI oscillates below $114.00 as central banks bound for a rate hike announcement

Gold Futures: Further downside looks not favoured

BOJ’s Wakatabe: Need for additional monetary easing is not very high now

EUR/USD now faces some consolidation – UOB

EUR/GBP pares intraday losses above 0.8500 with eyes on Lagarde, Eurozone data

Asian Stock Market: Subdued on firmer DXY, Shanghai reopens, China PMI outperforms

USD/INR Price Analysis: Indian rupee sellers run out of steam, 77.50 in focus

AUD/USD plunges to near 0.7160 as DXY strengthens on firmer yields

EUR/USD flirts with 1.0700 support ahead of ECB’s Lagarde, US ISM PMI

USD/CNH kisses 6.70 despite upbeat Caixin PMI, US NFP in focus

GBP/USD Price Analysis: Bears stay on the way to mid-1.2500s

Gold Price Forecast: XAU/USD recovers intraday losses, downside remains favored on hawkish Fed

Australian Treasurer Chalmers: China's covid strategy poses risks to the economy

AUD/NZD steadies around 1.1020 on higher than expected Aussie GDP

Russia's nuclear forces are holding drills in north-east of Moscow – Reuters

Commodities. Daily history for Tuesday, May 31, 2022

S&P 500 Futures regain 4,150, Treasury yields stay firmer amid cautious optimism

China’s Advisor: Beijing should keep debt levels sustainable

AUD/JPY Price Analysis: Bulls struggle below 93.00 after Aussie Q1 GDP, China PMI

China Caixin Manufacturing PMI came in at 48.1, above forecasts (47) in May

The Caixin China Manufacturing PMI: Shrinks less sharply

China admits it conducted military exercises near Taiwan this week – Reuters

AUD/USD retreats towards 0.7150 despite better-than-forecast Australia Q1 GDP

BOJ’s Wakatabe: Central bank must maintain powerful easing

Australia Q1 GDP stronger than expected, supportive of AUD

Australia Gross Domestic Product (YoY) came in at 3.3%, above forecasts (3%) in 1Q

Australia Gross Domestic Product (QoQ) above forecasts (0.7%) in 1Q: Actual (0.8%)

EUR/USD Price Analysis: Sellers need validation from 13-day-old support around 1.0700

USD/CNY fix: 6.6651 vs. last close of 6.6720

US Inflation expectations jump to the highest in a fortnight

EUR/JPY eyes consolidation around 138.30 as investors await ECB’s Lagarde

RBNZ Dep Gov Hawkesby: Need to keep inflation expectations anchored

NZD/USD Price Analysis: Extends bounce off 200-SMA towards 0.6560 hurdle

Russia foreign minister Lavrov met Saudi counterpart, both praised OPEC+ cooperation

US Dollar Index aims to balance above 101.80, focus shifts to hawkish Fed bets, US PMI eyed

When is the Australian Q1 2022 GDP release and how could it affect AUD/USD?

Japan Jibun Bank Manufacturing PMI rose from previous 53.2 to 53.3 in May

Stocks. Daily history for Tuesday, May 31, 2022

Gold Price Forecast: XAU/USD eyes further losses towards $1,800 ahead of US PMIs, Fedspeak

AUD/USD bulls are moving in again within bullish territory ahead of GDP

Currencies. Daily history for Tuesday, May 31, 2022

AUD/JPY surpasses 92.50 ahead of Aussie GDP

South Korea Trade Balance came in at $-1.705B below forecasts ($-0.713B) in May

Ireland Purchasing Manager Index Manufacturing declined to 56.4 in May from previous 59.1

South Korea Trade Balance registered at $-1.71B, below expectations ($-0.713B) in May

WTI Price Analysis: Bears seek validation from $111.80 support confluence

Japan Capital Spending came in at 3%, above expectations (2.1%) in 1Q

United Kingdom BRC Shop Price Index (YoY) up to 2.8% in April from previous 2.7%

BRC: UK Shop Prices jump the most since 2011 in May

USD/CAD declines towards monthly lows at 1.2630 ahead of BOC policy, oil falls

Fed’s Bostic: “Fully comfortable” moving rates higher if inflation not moving down significantly

GBP/USD picks up bids around 1.2600 as BOE and Brexit chatters join US dollar retreat

Australia S&P Global Manufacturing PMI rose from previous 55.3 to 55.7 in May

GBP/JPY Price Analysis: Breaks above 162.00 and prints a fresh two-week high on mixed mood

Australia AiG Performance of Mfg Index down to 52.4 in May from previous 58.5

EUR/USD oscillates above 1.0730 ahead of ECB’s Lagarde, Eurozone jobless rate, and US ISM PMI

US Treasury Sec. Yellen: I was wrong about the path inflation would take

AUD/USD Price Analysis: Trades mixed below 0.7200 ahead of Aussie GDP, rising wedge eyed

USD/JPY bulls take charge as US dollar bursts back into life

Gold Price Forecast: XAU/USD sees more downside to near $1,820 ahead of Manufacturing PMI

EUR/JPY Price Analysis: Bulls reclaim 138.00 and set their eyes on the YTD high around 140.00

NZD/USD under pressure as the US dollar recovers ahead of key events

Forex Today: Risk flows dominate the scene

AUD/USD battles around 0.7200 and dips towards 0.7170s ahead of Aussie GDP/China’s PMIs

Gold Price Analysis: XAU/USD bears are moving in from a weekly 38.2% Fibo resistance

Some OPEC members plan for output increase – WSJ Sources

GBP/USD Price Analysis: Bulls attempting to breakout for a higher daily high

USD/CHF Price Analysis: Bears push the major below the 20-SMA, eyeing a break of 0.9550

Biden and Powell to discuss inflation, US dollar on a knife's edge

EUR/USD slumps from weekly highs near 1.0780s, post-EU HICP amid US dollar strength

USD/MXN reverses sharply from two-year lows, volatile times for the Mexican peso