ไทม์ไลน์ข่าวสาร forex

23:57 NZD/JPY Price Forecast: Pulls back on mixed mood, uptrend faces key test
NZD/JPY retreated after reaching a three-day high of 86.82, dropping towards the 86.00 figure as market appetite turned slightly sour.

23:34 AUD/JPY Price Forecast: Retails bullish bias, despite retracing from 4-day high
The AUD/JPY erased some of its earlier gains, dropping 0.20% late during Wednesday’s North American session, as US equities finished mixed due to worse-than-expected US economic data. At the time of writing, the cross-pair trades at 92.73, after hitting a four-day peak of 93.58.

22:53 Mexican Peso trades near fresh YTD high against US Dollar
The Mexican Peso (MXN) is trading near a fresh year-to-date high against the US Dollar (USD) on Wednesday, which is providing support for the USD/MXN pair above 19.16.

22:31 Canadian Dollar lurches into fresh highs after BoC holds off on rate cuts
The Canadian Dollar caught a rally on Wednesday, bolstered by a rate hold from the Bank of Canada (BoC) following an accelerated string of rate cuts. Broad-market investor sentiment remains pinned on the low side after a disappointing US ADP jobs data print, hobbling the US Dollar.

22:21 Silver Price Forecast: XAG/USD holds steady near $34.50 as bulls take a breather
Silver price consolidated during Wednesday’s session, trading almost flat near $34.50, as traders seem reluctant to push the metal’s prices outside of the $34.00-$34.50 range.

21:59 USD/CHF Price Forecast: Dives below 0.82 as sellers regain control on USD slide
USD/CHF drops from around three-day highs near 0.8250 and tumbles as the Greenback prolongs its agony, following a slight recovery on Tuesday. At the time of writing, the pair trades at 0.8174, down 0.78%.

21:54 Forex Today: The ECB is widely anticipated to lower its rates
The Greenback resumed its downtrend and faded part of the previous day’s advance on Wednesday, weighed down by trade concerns and disheartening data from the US docket.

The Greenback resumed its downtrend and faded part of the previous day’s advance on Wednesday, weighed down by trade concerns and disheartening data from the US docket.Here's what to watch on Thursday, June 5:The US Dollar Index (DXY) came under renewed selling interest, breaking below the 99.00 contention zone once again on Wednesday. The Balance of Trade results are due, along with Challenger Job Cuts, the final quarterly figures from Unit Labour Costs and Nonfarm Productivity, and the weekly Initial Jobless Claims. In addition, the Fed’s Kugler and Harker are due to speak.EUR/USD resumed its weekly uptrend, advancing past the 1.1400 barrier on the back of sustained Dollar weakness. The ECB meeting will be the salient event, seconded by Germany’s Factory Orders and the HCOB Construction PMI. In the broader euro area, Producer Prices will be published along with the HCOB Construction PMI.GBP/USD rose to multi-day highs around the 1.3580 zone on Wednesday, backed by the intense sell-off in the Greenback. The S&P Global Construction PMI is expected on the domestic docket.Further appreciation of the Japanese Yen prompted USD/JPY to refocus on the downside once again, challenging the 143.00 zone. The key Average Cash Earnings are due alongside weekly readings of Foreign Bond Investment.AUD/USD rapidly left behind Tuesday’s daily pullback and retested once again its key resistance zone around 0.6500. The Balance of Trade results will be published in Oz.Prices of WTI reversed two daily advances in a row on Wednesday, approaching the $62.00 mark per barrel following an unexpected increase in gasoline stockpiles and traders’ assessment of the OPEC+ output hike.Gold prices charted a decent rebound on Wednesday, approaching the $3,400 mark per troy ounce following the soft tone in the US Dollar and renewed trade effervescence. Silver prices followed suit, adding to Tuesday’s pullback and partially fading Monday’s strong advance.

21:45 EUR/USD reclaims 1.14 as US data, trade tensions weigh on US Dollar
The EUR/USD advances on Wednesday, edging up over 0.50% as the Greenback erases Tuesday’s gains following the release of weaker-than-expected economic data from the United States (US).

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This, along with uncertainty fueled by the trade war, pushed the pair past the 1.1400 figure after hitting a daily low of 1.1356.Late on Tuesday, US President Donald Trump signed an executive order that doubled steel and aluminum tariffs from 25% to 50%, effective June 4, for most countries, except the UK, which remains at 25%. In the meantime, traders brace for Trump’s call with Chinese President Xi Jinping later this week, according to the White House.US data revealed that business activity in the services sector is slowing, according to the Institute for Supply Management (ISM). Earlier, ADP reported that private companies hired fewer people than projected in May, which disappointed investors and could be a prelude to a soft Nonfarm Payrolls report on Friday.In the Eurozone, HCOB Services and Composite Purchasing Managers Indexes (PMIs) showed mixed results, with some measures expanding while the majority remained in contraction territory. This, along with last Tuesday’s inflation report in the bloc, could justify the European Central Bank (ECB) lowering rates by 25 basis points (bps) at the June 5 meeting.The EU economic docket will report inflation figures on the producer side, along with the ECB’s decision and President Christine Lagarde’s press conference. Across the pond, the US schedule will feature Initial Jobless Claims for the last week and speeches by Federal Reserve (Fed) officials. Euro PRICE This week The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the strongest against the US Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -0.64% -0.69% -0.73% -0.52% -0.98% -1.15% -0.67% EUR 0.64% -0.06% -0.08% 0.11% -0.34% -0.54% -0.04% GBP 0.69% 0.06% 0.00% 0.17% -0.28% -0.48% 0.02% JPY 0.73% 0.08% 0.00% 0.20% -0.27% -0.44% -0.04% CAD 0.52% -0.11% -0.17% -0.20% -0.46% -0.65% -0.15% AUD 0.98% 0.34% 0.28% 0.27% 0.46% -0.14% 0.39% NZD 1.15% 0.54% 0.48% 0.44% 0.65% 0.14% 0.51% CHF 0.67% 0.04% -0.02% 0.04% 0.15% -0.39% -0.51% 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 Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote). EUR/USD daily market movers: Euro boosted ahead ECB’s monetary policyEUR/USD uptrend remains intact, but it is responding to US and Eurozone economic data during the week.US ADP National Employment Change in May rose by just 37K, missing forecasts of 110K and down from April’s revised 60K, indicating weak private hiring. The US ISM Services PMI fell to 49.9 in May from 51.6, below the expected 52.0, signaling contraction in the services sector.The EU HCOB Services PMI improved in May, from 48.9 to 49.7, exceeding estimates for an unchanged figure. The Composite PMI expanded from 49.5 to 50.2, suggesting that overall business activity seems to be gathering steam.Financial market players have fully priced in the expectation that the ECB will reduce its Deposit Facility Rate by 25 basis points (bps) to 2% at the upcoming monetary policy meeting.Euro technical outlook: EUR/USD cracks below 1.1400, bears eye 1.1300The EUR/USD is upwardly biased, but so far failure to crack the weekly high of 1.1454 reached on June 3 paves the way for a pullback before the uptrend resumes. It should be said the pair hit a lower low during the current session, which means that a daily close below 1.14 could set the stage for a test of 1.13.If EUR/USD clears 1.1454, the next resistance is 1.1500. Further gains lie overhead, with the next ceiling level seen at April highs of 1.1572, ahead of 1.16.Conversely, If EUR/USD falls below the June 2 daily low of 1.1344, a move to 1.13 is on the cards. A breach of the latter would expose the 20-day Simple Moving Average (SMA) at 1.1284, followed by the 50-day SMA at 1.1218 and 1.1200. Euro FAQs What is the Euro? The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). What is the ECB and how does it impact the Euro? The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. How does inflation data impact the value of the Euro? Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. How does economic data influence the value of the Euro? Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. How does the Trade Balance impact the Euro? Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

21:35 WTI Price Forecast: WTI stalls below $63, pressured by oversupply risks and weak fuel demand
West Texas Intermediate (WTI) crude oil prices retreat on Wednesday after two straight days of gains. At the time of writing, WTI is hovering above the 21-day Exponential Moving Average (EMA), down nearly 1.5% from the intraday high of $63.31, and trading around $62.41 during the American session.

WTI crude oil retreats on Wednesday, trading near $62.05 after failing to hold above $63.00US data show that crude inventories fell, but gasoline and diesel stocks rose, raising concerns about demand.The technical range between $60 and $63 remains intact, with $65 acting as a key level of resistance.West Texas Intermediate (WTI) crude oil prices retreat on Wednesday after two straight days of gains. At the time of writing, WTI is hovering above the 21-day Exponential Moving Average (EMA), down nearly 1.5% from the intraday high of $63.31, and trading around $62.41 during the American session.The pullback follows fresh US inventory data that raised some red flags for the oil market. The Energy Information Administration (EIA) reported a larger-than-expected build in gasoline and diesel stockpiles, which overshadowed a solid 4.3 million barrel draw in crude inventories last week. That imbalance is fueling concerns about weakening fuel demand. Furthermore, Saudi Arabia has hinted at a potential push for a significant production increase, as OPEC+ continues to gradually ramp up output, while global trade tensions add another layer of uncertainty to the demand outlook.From a technical standpoint, the daily chart shows that WTI remains confined within a well-defined range between $60.00 and $63.00, with neither bulls nor bears showing enough conviction to break out decisively. The $63.00 level continues to act as near-term resistance, having capped multiple upside attempts since mid-May. Meanwhile, support near $60.00 has consistently attracted dip-buying, making it a critical zone to watch for any bearish breakdowns. The $65.00 mark, just above the range, acts as a structural barrier, a former support-turned-resistance level now reinforced by the 100-day Exponential Moving Average (EMA) at 65.08.The 21-day EMA, currently sitting around $61.51, has flattened out and now acts more like a neutral pivot than a trend guide. Unless WTI can post a decisive daily close above $65, the broader outlook remains neutral. A break above would open the door toward $68 and $70, while a close below $60 would likely trigger bearish bets, exposing downside targets near $58 and $55, especially if accompanied by bearish macro cues.Momentum signals remain mixed, reinforcing the broader theme of indecision. The Relative Strength Index (RSI) is hovering around 52, holding slightly above the neutral 50 mark. While this suggests a mild bullish bias, it's not strong enough to indicate a trend shift on its own. Meanwhile, the Moving Average Convergence Divergence (MACD) has recently shown a bullish crossover, with the MACD line just nudging above the signal line. However, both lines remain close to the zero axis, which reflects a lack of conviction and limited follow-through from either side. Until momentum builds, WTI is likely to remain rangebound.

21:17 Dow Jones Industrial Average flattens after cautionary ADP jobs print
The Dow Jones Industrial Average (DJIA) remained largely unchanged on Wednesday after bullish investor sentiment was stymied by a softer-than-expected ADP jobs print. Overall market momentum is cooling off as indexes hit a lull between trade war headlines.

20:53 USD/JPY weakens as the safe-haven Yen benefits from a softer US Dollar
The Japanese Yen (JPY) is gaining ground against the US Dollar (USD) on Wednesday, following a series of economic data releases and rising trade tensions, which have contributed to Yen appreciation.

19:53 USD/CAD weakens as BoC holds rates, US data disappoints
The Canadian Dollar (CAD) extends its advance against the US Dollar (USD) on Wednesday after the Bank of Canada (BoC) held interest rates steady, aligning with market expectations.

19:00 Russia Unemployment Rate below forecasts (2.4%) in March: Actual (2.3%)
Russia Unemployment Rate below forecasts (2.4%) in March: Actual (2.3%)

18:59 Gold price surges on weak US ISM report; trade tensions boost safe haven demand
Gold price rallied over 0.80% on Wednesday during the North American session. The release of weaker-than-expected economic data from the United States (US) pushed XAU/USD higher as business activity softened and the jobs market added fewer people to the workforce.

18:23 AUD/USD rebounds as US Dollar slips on soft jobs, ISM data
The Australian Dollar (AUD) appreciates against the US Dollar (USD) on Wednesday, shrugging off softer-than-expected domestic GDP data as the Greenback retreats following disappointing US employment and ISM Services PMI figures.

17:56 EUR/CAD steadies as Bank of Canada holds rate steady at 2.75%
EUR/CAD is trading flat in the early hours of the American session on Wednesday after the Bank of Canada (BoC) announced its decision to leave interest rates unchanged at 2.75%.

17:30 United States EIA Crude Oil Stocks Change came in at -4.304M below forecasts (-0.9M) in May 30
United States EIA Crude Oil Stocks Change came in at -4.304M below forecasts (-0.9M) in May 30

17:06 US ISM Services PMI drops to 49.9 in May vs. 52 expected
The business activity in the US service sector contracted slightly in May, with the Institute for Supply Management's (ISM) Services Purchasing Managers Index (PMI) dropping to 49.9 from 51.6 in April. This reading came in below the market expectation of 52.

17:00 United States ISM Services PMI came in at 49.9 below forecasts (52) in May
United States ISM Services PMI came in at 49.9 below forecasts (52) in May

17:00 United States ISM Services Employment Index registered at 50.7, below expectations (52.3) in May
United States ISM Services Employment Index registered at 50.7, below expectations (52.3) in May

17:00 United States ISM Services Prices Paid: 68.7 (May) vs 65.1
United States ISM Services Prices Paid: 68.7 (May) vs 65.1

17:00 United States ISM Services New Orders Index dipped from previous 52.3 to 46.4 in May
United States ISM Services New Orders Index dipped from previous 52.3 to 46.4 in May

16:45 Canada BoC Interest Rate Decision meets forecasts (2.75%)
Canada BoC Interest Rate Decision meets forecasts (2.75%)

16:45 United States S&P Global Composite PMI registered at 53 above expectations (52.1) in May
United States S&P Global Composite PMI registered at 53 above expectations (52.1) in May

16:45 United States S&P Global Services PMI rose from previous 52.3 to 53.7 in May
United States S&P Global Services PMI rose from previous 52.3 to 53.7 in May

16:45 Global PMIs: Front-loaded factory output unwinds – Standard Chartered
Manufacturing PMIs deteriorated at a faster rate in May versus April amid fading boost from front-loading. Coincident indicators were downbeat, but the US-China tariff truce helped to improve outlook.

Manufacturing PMIs deteriorated at a faster rate in May versus April amid fading boost from front-loading. Coincident indicators were downbeat, but the US-China tariff truce helped to improve outlook. Broad global supply-chain disruptions remain contained for now, Standard Chartered's economist Ethan Lester reports. Manufacturing output normalised in May"Global aggregate PMI surveys for May suggest a faster contraction in manufacturing versus April, on fading tailwinds from front-loaded output and elevated trade policy uncertainty. Intermediate and investment goods production flipped into negative territory versus April; global employment levels declined across sub-sectors, despite an expansion in consumer goods output for the 22nd month running. Also, the decline in new export orders was deeper than for new orders in general. These data point to normalisation in global factory output following a month of tariff-related front-loading, though some economies – notably India – avoided the downturn.""Unlike the coincident indicators, business evaluations on future activity significantly strengthened m/m across economies (with a few exceptions in CEE, South Asia and Malaysia); growth was likely boosted by the 18-month low base in April, which came before the US-China tariff truce.""Meanwhile, input and output prices moderated m/m, as reported supply shortages remain relatively muted (except for steel and aluminium, which continue to face US sectoral tariffs, as well as textiles, given the end of de minimis exemptions), and as reported oil price pressures declined for the first month since October 2024. However, delivery times increased to six-month highs and average vendor lead times further lengthened versus April, posing upside risks to supply shortages if trade policy uncertainty continues or increases from current levels."

16:24 Indian Rupee weakens for the second day as PMI disappoints, focus shifts to US data
The Indian Rupee (INR) weakens against the US Dollar (USD) for the second straight day on Wednesday, as a firmer Greenback and disappointing Indian PMI figures weigh on sentiment.

15:32 US Pres. Trump: Powell must now lower the rate
In a post published on Truth Social on Wednesday, United States President Donald Trump called upon Federal Reserve (Fed) Chairman Jerome Powell to lower the policy rate.

15:30 Canada Labor Productivity (QoQ) registered at 0.2%, below expectations (0.4%) in 1Q
Canada Labor Productivity (QoQ) registered at 0.2%, below expectations (0.4%) in 1Q

15:18 Breaking: Private sector employment in US rises 37,000 in May vs. 115,000 expected
Private sector employment in the US rose by 37,000 in May, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 60,000 increase recorded in April and missed the market expectation of 115,000 by a wide margin.

Private sector employment in the US rose by 37,000 in May, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 60,000 increase recorded in April and missed the market expectation of 115,000 by a wide margin.Developing story, please refresh the page for updates.

15:15 United States ADP Employment Change came in at 37K, below expectations (115K) in May
United States ADP Employment Change came in at 37K, below expectations (115K) in May

14:51 US Dollar Index (DXY) stalls above 99.00 as JOLTS jobs optimism fades
The US Dollar Index (DXY) nudges lower on Wednesday, following a sharp rebound on Tuesday.

14:48 JPY: Media report of BoJ equivocation on policy normalization – Scotiabank
The Japanese Yen (JPY) is weak, down 0.2% against the US Dollar (USD) and underperforming all of the G10 currencies with all other major currency peers showing modest gains (vs. USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.

The Japanese Yen (JPY) is weak, down 0.2% against the US Dollar (USD) and underperforming all of the G10 currencies with all other major currency peers showing modest gains (vs. USD), Scotiabank's Chief FX Strategist Shaun Osborne notes. JPY underperforms on the day"The JPY’s weakness is being attributed to media reports on deliberations at the BoJ and an apparent lack of a clear consensus on the topic of unconventional (balance sheet) normalization and the pace of tapering for next year." "The reporting contrasts with BoJ Gov. Ueda’s comments earlier this week in which he offered a more solidly hawkish outlook that included both rate hikes and tapering." "The BoJ’s next meeting is on June 17 and market participants are expecting no major policy changes while also still expecting policymakers to remain committed to medium-term policy tightening."

14:42 GBP is trading quietly on the day – Scotiabank
Pound Sterling (GBP) is also trading in a tight range, entering Wednesday’s NA session with a minor gain vs. the US Dollar (USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.

Pound Sterling (GBP) is also trading in a tight range, entering Wednesday’s NA session with a minor gain vs. the US Dollar (USD), Scotiabank's Chief FX Strategist Shaun Osborne notes. Modest PMI improvement is paired with neutral BoE"The UK’s final PMI’s surprised to the upside, improving from the preliminaries with services climbing from 50.2 to 50.9 and the composite pushing above 50 into expansionary territory, to 50.3 from 49.4.""GBP has been trading quietly since last Monday’s multi-year high, consolidating its gains with little in terms of major domestic fundamental releases. Comments from the BoE have leaned neutral in terms of the near-term outlook for rates while signaling caution over the medium term outlook. Markets are pricing a hold for the June 19 meeting and nearly 40bpts of easing by year end.""The multi-month trend is bullish, and momentum is firmly in bullish territory with an RSI at 60. The DMI’s are providing confirmation, along with the MACD. The near-term range is defined by support below 1.3450 and resistance above 1.3550."

14:40 EUR flat vs. USD following modest improvement in PMI’s – Scotiabank
The Euro (EUR) is entering Wednesday’s NA session unchanged against the US Dollar (USD), quietly consolidating in a tight range just below 1.14, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The Euro (EUR) is entering Wednesday’s NA session unchanged against the US Dollar (USD), quietly consolidating in a tight range just below 1.14, Scotiabank's Chief FX Strategist Shaun Osborne notes. Markets anticipate an ECB’s cut on Thursday"The final euro area PMI’s offered a modest surprise vs. the preliminaries, with services printing 49.7 (from 48.9) and the composite pushing into expansion territory just above 50, printing 50.2 (from 49.5). The final German prints were marginally softer and French prints marginally higher, but all remained below 50 in contractionary territory." "This week’s releases have offered little to change expectations for Thursday’s ECB policy decision, with markets fully pricing a widely anticipated 25bpt cut. Expectations for additional easing have softened somewhat however, offering some support to EUR/USD with a modest narrowing in deeply negative EU-US yield spreads. The risk for Thursday’s ECB would be a neutral cut and a shift away from the easing bias that has dominated ECB communication over the past year or so.""The multi-month trend remains bullish and EUR/USD’s recent recovery to fresh one month highs has delivered an important retracement of the decline from early May. The pullback clearly defined the 50 day MA (1.1233) as an important level of near-term support. Momentum is moderately bullish with an RSI at 55 and the near-term range is defined by support below 1.1350 and resistance above 1.1450."

14:38 Gold finds floor as US-China trade tensions resurface
Gold trades broadly stable on Wednesday’s mid-European session, paring back some gains seen earlier in the day, driven by a weaker US Dollar (USD), as doubts over a US-China trade deal grow given recent comments from US President Donald Trump.

14:36 CAD little changed ahead of BoC policy decision – Scotiabank
USD/CAD is essentially flat as markets await the BoC policy decision. The economists’ consensus has swung to no change after anticipating a 25bps cut until late last week, Scotiabank's Chief FX Strategist Shaun Osborne notes.

USD/CAD is essentially flat as markets await the BoC policy decision. The economists’ consensus has swung to no change after anticipating a 25bps cut until late last week, Scotiabank's Chief FX Strategist Shaun Osborne notes. Trend momentum oscillators remain bearishly aligned for USD"But 15 of the 17 submissions to the Bloomberg survey since last Friday have stumped for no change, shifting consensus expectations to a hold, largely reflecting swaps pricing which anticipates only 5bps of easing risk. Even though policymakers are likely to sit on their hands this week amid a host of uncertainties, their messaging is likely to be dovish, keeping the door open for more easing in the months ahead." "Dovish-leaning comments may weigh on the CAD to some extent but unless the statement/press conference bolster market conviction on the timing or scale of cuts, the CAD is unlikely to ease too far. Note the CAD continues to trade comfortably a little above estimated fair value (1.3791 today). The policy decision is 9.45ET. Governor Macklem and Senior DG Rogers speak at 10.30ET.""Spot is holding a tight trading range between 1.3700/50, within Monday’s range. While the near-term trend is flat, the overall technical picture for the USD remains bearish amid a succession of lower lows and lower highs. Trend momentum oscillators remain bearishly aligned for the USD across the intraday, daily and weekly studies. Minor resistance sits at 1.3750. There is stronger resistance at 1.3850/60. Support is 1.3680/00."

14:33 USD little changed as markets mull tariffs – Scotiabank
The USD is trading steady to a little softer overall in quiet trade. Global stocks are firmer while bonds are little changed in rather quiet trading, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The USD is trading steady to a little softer overall in quiet trade. Global stocks are firmer while bonds are little changed in rather quiet trading, Scotiabank's Chief FX Strategist Shaun Osborne notes. USD steady to slightly lower versus majors as Trump notes 'tough' Xi"FX markets appear to be scratching around for a stronger sense of direction; the USD squeezed higher yesterday but a solid day on the charts does not alter broadly bearish fundamental and technical dynamics. Scope for sustained USD gains remains limited. President Trump’s increased steel and aluminium tariffs come into force today. Recall that the president’s first term steel tariffs had mixed results—some increase in domestic steel jobs but non-negligible downstream outcomes (higher input prices, weaker job growth in manufacturing, according to studies)." "Meanwhile, the shifting sands of US tariff policy have to make it harder for countries to negotiate effectively with the US. Reports earlier this week suggested that the White House was soliciting its trade partners for their 'best' tariff and US investment offers by today. But there’s not much sign of movement from China and President Trump said on social media earlier today that President Xi was tough to make a deal with. There’s not been any coverage that I recall of other countries bringing potential deals to the president." "There’s another 5 weeks of the current tariff reprieve to run but there’s no real sense that certainty for businesses will improve anytime soon. ADP data are expected to rebound to 112k jobs in May after the soft (62k) gain in April. The May ISM Services index is called a little higher at 52 last month (from 51.6); details (prices, employment etc.) matter here as well. The Fed releases its latest Beige Book at 14ET. Comments from a number of Fed officials suggest that tariffs are having an impact on the economy but their longer run effect remains unclear."

14:27 British Pound recovers ground amid soft USD, upbeat PMI, and tariff reprieve
The British Pound (GBP) edges higher against the US Dollar (USD) on Wednesday, paring Tuesday’s losses as the Greenback softens slightly ahead of key US labor market data.

14:00 Australia: Soft 1Q25 GDP reinforces expectations for further easing by RBA – UOB Group
Australia’s GDP posted a 0.2% q/q rise in 1Q25, lower than consensus expectations for a 0.4% q/q print, and growth pace of 0.6% q/q in 4Q24. It was also weaker than the RBA’s May Statement on Monetary Policy forecast of 0.4%.

Australia’s GDP posted a 0.2% q/q rise in 1Q25, lower than consensus expectations for a 0.4% q/q print, and growth pace of 0.6% q/q in 4Q24. It was also weaker than the RBA’s May Statement on Monetary Policy forecast of 0.4%. From a year earlier, the economy expanded by 1.3% y/y, unchanged from 4Q24, but also below expectations of 1.5%, UOB Group's economist Lee Sue Ann reports. RBA to further ease its policy rate"GDP rose 0.2% q/q in 1Q25, lower than consensus expectations for a 0.4% q/q gain, and growth pace of 0.6% q/q in 4Q24. It was also weaker than the Reserve Bank of Australia (RBA)’s 0.4% forecast stipulated in the May Statement on Monetary Policy. From a year earlier, the economy expanded by 1.3% y/y, unchanged from 4Q24, but also below expectations of 1.5%.""Ongoing uncertainty in relation to the ongoing trade war will likely have negative implications for consumption and business investment in Australia. As such, our economic growth forecast for Australia has been lowered slightly to 1.8% in 2025 (from 1.9% previously).""We had penciled in an additional 50 bps of easing in 2025 (25 bps cuts in August and November). That said, given the softening in the economy, low inflation and rising unemployment rate, we now expect the RBA to take the cash rate into modestly accommodative territory, delivering another 50 bps thereafter to reach a cyclical low of 2.85% (versus 3.35% previously) by mid-2026."

14:00 United States MBA Mortgage Applications: -3.9% (May 30) vs previous -1.2%
United States MBA Mortgage Applications: -3.9% (May 30) vs previous -1.2%

13:55 CAD: Slight tendency towards unchanged interest rates – Commerzbank
Today's decision by the Bank of Canada (BoC) promises to be very exciting. Whether the Bank of Canada will cut interest rates again or wait until its next meeting at the end of July is not a foregone conclusion, Commerzbank's commodity analyst Carsten Fritsch notes.

Today's decision by the Bank of Canada (BoC) promises to be very exciting. Whether the Bank of Canada will cut interest rates again or wait until its next meeting at the end of July is not a foregone conclusion, Commerzbank's commodity analyst Carsten Fritsch notes. CAD is likely to benefit from the rate decision"Arguments in favour of another rate cut include the fact that the labour market is in a difficult position, the headline inflation rate has recently fallen back below 2% year-on-year and leading indicators show that Canada is experiencing a more negative effect from US trade policy than any other country. This comes at a time when Canada is already experiencing weak productivity growth.""Conversely, there are also compelling reasons for a pause. Unlike the headline rate, the core rate recently rose back above 3% year-on-year, and the BoC may view this as a more accurate reflection of underlying inflationary pressure. Furthermore, the central bank has cut interest rates by 225 basis points in one year and the key interest rate is now close to the expansionary range. Policymakers may therefore wish to wait and observe the effects of the rate cuts before making further changes. With two new inflation figures and labour market reports due before the next decision, the BoC will have a clearer idea of whether further interest rate cuts are necessary.""It is likely to be a close call, with the market still pricing in a residual probability of an interest rate cut today, and with the Bloomberg survey recently swinging towards unchanged rates. We also consider unchanged interest rates to be the more likely scenario, but we should not forget that the Bank of Canada is prone to surprises. If it stays put today, the CAD is likely to benefit, even if all eyes will then be on the July meeting."

13:53 USD/CNH: Likely to trade between 7.1850 and 7.2050 – UOB Group
US Dollar (USD) is likely to trade between 7.1850 and 7.2050 against Chinese Yuan (CNH). In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

US Dollar (USD) is likely to trade between 7.1850 and 7.2050 against Chinese Yuan (CNH). In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.USD is likely range-bound for now24-HOUR VIEW: "Yesterday, we expected USD to 'consolidate between 7.1920 and 7.2150.' However, USD traded in a lower range of 7.1860/7.2063, closing lower by 0.22% at 7.1919. The price movements provide no fresh clues. Today, we expect USD to trade between 7.1800 and 7.2050."1-3 WEEKS VIEW: "Our latest narrative was from last Thursday (29 May, spot at 7.2025), wherein USD 'is likely to trade in a range between 7.1800 and 7.2300 for now.' Since then, the range remained intact, and we continue to hold the same view."

13:50 USD/JPY hesitates at 144.00 with markets awaiting US data
The US Dollar’s recovery from Monday’s lows has lost steam during Wednesday’s European trading session.

13:48 What to make of the USD recovery? – Commerzbank
After reaching its highest level since April at the beginning of the week, EUR/USD fell again yesterday. Some market voices attribute the US dollar's recovery to the upcoming US labour market data.

After reaching its highest level since April at the beginning of the week, EUR/USD fell again yesterday. Some market voices attribute the US dollar's recovery to the upcoming US labour market data. If these show a continued robust labour market, as suggested by yesterday's JOLTs report, this would reinforce the Fed's decision to refrain from easing monetary policy and thus dampen expectations of interest rate cuts. Clearly, a central bank that sticks to unchanged interest rates in order to maintain price stability, despite economic risks and political pressure, is an important pillar of support for the currency. We have already pointed this out. A credible monetary policy that responds to a tariff-induced inflation shock would normally also have been an argument for an appreciation of the dollar in the wake of the introduction of tariffs, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen reports. USD to remain weak in the long term "One of the most important arguments against the greenback is the unpredictable US (tariff) policy, which could cause considerable damage to the US economy. But the uncertainty goes both ways: it is just as conceivable that the US president will do a U-turn again – we have seen that often enough. Let us remember, for example, the reduction in tariffs on China, albeit only for 90 days, which led to a significant rally in the dollar.""So it is not the case that, alongside the USD doomsday scenarios, USD-positive scenarios are completely unthinkable. Let us assume, for example, that the US government lowers its reciprocal tariffs for all trading partners to the minimum of 10% or even below, the impact on the US economy is correspondingly less severe than expected, and at the same time the Fed refrains from cutting interest rates. In this case, the dollar would undoubtedly appreciate significantly. This risk must be taken into account just as much as all the negative scenarios and could explain why the US currency has not depreciated even more significantly so far.""Of course, this does not change the fact that we expect the USD to remain weak in the long term – the risks to the dollar are too great and justify a substantial risk premium. However, the weakness of the USD is unlikely to be a one-way street, i.e. it cannot be ruled out or it would not be surprising if we saw the US currency recover from time to time."

13:00 Silver Price Forecast: XAG/USD resumes gains with $34.80 on focus
Silver prices (XAG/USD) correction from year-to-date highs below $35.00 has been limited at the $34.00 area, and the precious metal bounced up again to consolidate at the $34.50 area on Wednesday, with the 34.80 high at a short distance.Bears have been contained well above a previous resistance area

13:00 BoC decision in focus amid split market views on rate cut – Danske Bank
All eyes are on the Bank of Canada today, with markets divided over whether a rate cut is imminent. While a hold is our base case, uncertainty remains high amid weakening data and global trade headwinds.

All eyes are on the Bank of Canada today, with markets divided over whether a rate cut is imminent. While a hold is our base case, uncertainty remains high amid weakening data and global trade headwinds. Regardless of the decision, the tone of the BoC's risk assessment will be key for the CAD’s direction, Danske Bank's FX analysts report. Balance of risks may influence CAD more than the policy rate"For today's Majors session the Bank of Canada meeting will gain traction with analysts split on an unchanged decision and a 25bp cut. We lean towards the former but highlight that it's a low-conviction call amid continued trade uncertainty and Canadian economic figures steadily rolling over during the last couple of months." "Irrespective of the rate decision markets will focus on the central bank's balance of risk assessment. An unchanged decision today would likely boost the CAD temporarily in a move that we would favour selling into."

12:38 USD/JPY: Likely to trade in a higher range of 143.30/144.30 – UOB Group
Any further rebound is likely part of a higher range of 143.30/144.30 instead of a sustained advance. In the longer run, price action suggests that USD is still trading in a range, most likely between 142.10 and 145.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Any further rebound is likely part of a higher range of 143.30/144.30 instead of a sustained advance. In the longer run, price action suggests that USD is still trading in a range, most likely between 142.10 and 145.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. Price action suggests that USD is still trading in a range24-HOUR VIEW: "USD dropped sharply to 142.52 two days ago. Yesterday, when USD was at 142.75, we pointed out that 'the sharp and swift selloff appears to be overextended.' However, we indicated that USD 'could decline further, but given the deeply oversold momentum, a clear break below 142.10 appears unlikely.' Our view turned out to be incorrect, as after dropping to 142.36, USD rebounded strongly to close 0.92% higher at 144.00. This time around, the sharp rebound appears to be excessive, and any further rebound is likely part of a higher range of 143.30/144.30 instead of a sustained advance." 1-3 WEEKS VIEW: "Last Friday (30 May, spot at 143.95), we indicated that “the outlook for USD is unclear, and it could trade within last week’s wide range, between 142.10 and 146.30.” USD subsequently plummeted, and yesterday (03 Jun, spot at 142.75), we highlighted the following: 'The increase in downward momentum is not enough to indicate a sustained decline. USD must break and hold below 142.10 before further declines can be expected. The likelihood of USD breaking clearly below 142.10 will remain intact as long as 143.85 is not breached in the next few days.' USD then rebounded strongly, breaking above our ‘strong resistance’ level at 143.85 (high of 144.10). The price action suggests that USD is still trading in a range, most likely between 142.10 and 145.50."

12:36 USD rebounds as risk appetite improves – Danske Bank
The US Dollar (USD) caught a bid across G10 FX yesterday as safe-haven flows took a breather amid improved risk sentiment, with the JPY, CHF, and particularly gold weakening, Danske Bank's FX analysts report.

The US Dollar (USD) caught a bid across G10 FX yesterday as safe-haven flows took a breather amid improved risk sentiment, with the JPY, CHF, and particularly gold weakening, Danske Bank's FX analysts report. EUR/USD to retain a mild topside bias"Softer May euro area inflation data had limited market impact, with around 57bp of ECB rate cuts still priced in for the full year and a 25bp cut effectively fully priced for tomorrow's meeting. In the US, the JOLTs report painted a mixed picture - job openings and hiring ticked higher against expectations, while involuntary layoffs also edged up modestly." "Attention now turns to today's ADP employment report and ISM services data, ahead of Friday's May payrolls. Overall, we continue to see EUR/USD as a reflection of USD vulnerability rather than EUR strength." "With policy risks elevated, economic momentum slowing, and investor confidence still fragile, the USD likely requires a clean, data-driven narrative shift to regain traction. Until then, we expect EUR/USD to retain a mild topside bias."

12:31 EU’s Sefcovic: Had constructive talks with USTR Greer
European Union (EU) Trade Commissioner Maros Sefcovic said on Wednesday that he “had constructive talks with US Trade Representative (USTR) Jamieson Greer.”

12:31 Silver price today: Silver broadly unchanged, according to FXStreet data
Silver prices (XAG/USD) broadly unchanged on Wednesday, according to FXStreet data.

12:21 USD/CAD breaks below 200-DMA, downtrend persists – Société Générale
USD/CAD continues its descent after slipping below the 200-DMA, now hovering near a long-term trend line. While momentum indicators show some signs of stabilization, the technical outlook remains fragile without a clear bounce, Société Générale's FX analysts note.

USD/CAD continues its descent after slipping below the 200-DMA, now hovering near a long-term trend line. While momentum indicators show some signs of stabilization, the technical outlook remains fragile without a clear bounce, Société Générale's FX analysts note. MACD divergence suggests easing bearish momentum"USD/CAD has extended the down move after giving up the 200-DMA (now at 1.4030). It is at an ascending trend line drawn since 2021. Daily MACD has started posting positive divergence highlighting receding downward momentum however signals of a meaningful bounce are not yet visible." "The MA at 1.4030 is a short-term resistance. Inability to cross this hurdle can lead to persistence in decline towards next projections at 1.3610/1.3570 and last September low of 1.3420."

12:11 NZD/USD: Likely to consolidate between 0.5985 and 0.6030 – UOB Group
New Zealand Dollar (NZD) is likely to consolidate between 0.5985 and 0.6030. In the longer run, rapid buildup in upward momentum indicates further NZD strength; the level to monitor is 0.6095, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

New Zealand Dollar (NZD) is likely to consolidate between 0.5985 and 0.6030. In the longer run, rapid buildup in upward momentum indicates further NZD strength; the level to monitor is 0.6095, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. Rapid buildup in upward momentum indicates further NZD strength24-HOUR VIEW: "Following the rally in NZD to 0.6043 two days ago, we stated yesterday that 'while deeply overbought, the rally in NZD could extend to 0.6070 before a pause can be expected.' However, after rising to 0.6054, NZD pulled back to 0.5988 before settling at 0.6000 (-0.65%). NZD appears to have entered a consolidation phase, and today, we expect it to trade between 0.5985 and 0.6030." 1-3 WEEKS VIEW: "We revised our NZD outlook to positive yesterday (03 Jun, spot at 0.6040). We indicated the following: 'The rapid buildup in momentum indicates further NZD strength. The level to monitor is 0.6095. We will maintain our view of a stronger NZD as long as 0.5970 is not breached.' While upward momentum has slowed somewhat with the subsequent pullback to 0.5988, only a breach of 0.5970 would indicate that our view was incorrect."

12:07 USD/CAD Price Forecast: Tests initial support near 1.3950, followed by nine-day EMA
The USD/CAD pair is retracing its recent gains registered in the previous session, trading around 1.3710 during the European hours on Wednesday. The daily chart's technical analysis suggested a persistent bearish sentiment, as the pair consolidates within the descending channel pattern.

12:05 USD: Dollar rebounds, trade and ISM in focus – ING
The US Dollar (USD) showed resilience despite the late-session bounce in Treasury yields, supported by strong April JOLTS job openings. That said, the JOLTS data adds little to the overall jobs picture: the labour market remains tight, while declining quits suggest wage growth is easing.

The US Dollar (USD) showed resilience despite the late-session bounce in Treasury yields, supported by strong April JOLTS job openings. That said, the JOLTS data adds little to the overall jobs picture: the labour market remains tight, while declining quits suggest wage growth is easing. The dollar’s rebound appears more a reflection of markets struggling to justify an already elevated risk premium without fresh negative developments on trade or Treasury fronts, ING's FX analyst Francesco Pesole notes.USD to come under renewed pressure"Markets may also be adopting a slightly more optimistic stance on US-China trade tensions ahead of the scheduled Trump-Xi call this week. Recently, such direct talks have eased trade pressures, and in our view, there is potential for a temporary uptick in the dollar after the event. Still, this may not trigger a sustained rally." "Trump’s 50% tariffs on steel and aluminium are now official, and a conciliatory tone between Trump and Xi Jinping may not result in any real breakthrough in negotiations. Trump said this morning in a social media post that he “likes” President Xi, but he is also “extremely hard to make a deal with”. At the time of writing, there are no indications that the call between the two leaders has already taken place.""Attention today centres on the US ISM services index, with consensus expecting a modest rise to 52.0 from April’s 51.6, though recent weak manufacturing data may have tempered expectations. The ADP payrolls report is also in focus and is forecast to accelerate from 62k to 114k, signalling a solid jobs report on Friday. The Fed’s Beige Book release this evening may also influence sentiment. We would be cautious about jumping back into USD shorts before the Trump-Xi call has happened. After that, we expect the dollar to come under renewed pressure."

12:01 GBP/JPY Price Forecast: Seems poised to build on momentum beyond 195.00 mark
The GBP/JPY cross builds on the previous day's goodish rebound from the 192.75-192.70 area, or over a one-week low, and gains positive traction for the second straight day on Wednesday.

12:00 BoC set to leave interest rate unchanged amid rising inflation and US trade war
Market analysts generally predict that the Bank of Canada (BoC) will keep its interest rate at 2.75% on Wednesday, adding to the pauses recorded at the March and April monetary policy meetings.

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.fxs-event-module-header{font-size:12.8px;line-height:17px}.fxs-event-module-read-more{display:flex;align-items:center;align-content:center;gap:4px;color:#e4871b;font-size:12.8px;font-family:Roboto;font-style:normal;font-weight:700;line-height:17px;text-decoration:none}.fxs-event-module-read-more svg{width:16px;height:16px}.fxs-event-module-read-more:hover span{text-decoration:underline}.fxs-event-module-release{margin:0;display:flex;flex-direction:column;gap:2px}.fxs-event-module-release>p{font-size:12.8px;font-family:Roboto;font-style:normal;line-height:17px;margin:0}.fxs-event-module-release>p>strong{color:#8c8d91;font-weight:700}.fxs-event-module-release>p>span{color:#8c8d91;font-weight:400}.fxs-event-module-release>p>a{color:#e4871b;font-weight:700;text-decoration:none}.fxs-event-module-release>p>a:hover>span{text-decoration:underline}.fxs-event-module-inner-calendar .fxs-event-module-container{margin:16px 0 0 0;border-top:1px solid #ececf1;padding:12px 0 0 0}@media (min-width:680px){.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:14.72px;line-height:20px}.fxs-event-module-release p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}The Bank of Canada (BoC) is seen keeping rates unchanged.The Canadian Dollar navigates the area of yearly highs vs. the US Dollar.Headline CPI in Canada drifted below the central bank’s target.Trade policies should prevail at Governor Macklem’s press conference.Market analysts generally predict that the Bank of Canada (BoC) will keep its interest rate at 2.75% on Wednesday, adding to the pauses recorded at the March and April monetary policy meetings.In the meantime, the Canadian Dollar (CAD) has been steadily appreciating since it fell to yearly lows in the 1.4400 zone against the US Dollar (USD). The Loonie is currently navigating the area of YTD highs in the proximity of the 1.3700 region. Meanwhile, the focus has been on US President Donald Trump's trade policies, particularly those pertaining to tariffs, since he took office again in January. It is anticipated that this particular topic will take centre stage during the BoC event, influencing both Governor Tiff Macklem's remarks and media enquiries.As growing global uncertainties, mostly caused by the White House's inconsistent stance on tariffs, compel a reexamination of trade policy, the Bank of Canada is planning to keep interest rates paused once again for June. Given this uncertainty, it is probable that the BoC's announcement and Governor Macklem's subsequent news conference this week will be cautious in tone.Following the bank’s decision to keep rates unchanged on April 16, Governor Tiff Macklem underlined again the bank's symmetric approach to its inflation objective, expressing worry when inflation veers either over or below the 2% level. He stressed that the phrase "decisively", used in earlier exchanges, shouldn't be taken as a policy cue.Regarding the general state of the economy, Macklem underlined the need for adaptation in view of continuous uncertainty, especially with regard to taxes. Once trade circumstances stabilise, the Bank may go back to a more defined base case projection.Carolyn Rogers, senior deputy governor, dismissed recent market swings, saying it is too early to draw fundamental conclusions. She underlined that institutions are properly funded with some ability to withstand volatility and that Canadian financial markets remain orderly.Regarding monetary policy, Macklem said that the Governing Council debated between maintaining rates constant or cutting 25 basis points. Rogers also mentioned several Council members who were really hopeful and not anticipating further inflationary pressure.Previewing the BoC’s interest rate decision, analysts Taylor Schleich and Ethan Currie at the National Bank of Canada noted, "We expect the Bank of Canada to leave its policy rate unchanged at 2.75%... The labour market—which carries a lot of weight—is consistent with further rate relief, but the inflation picture right now isn’t giving the green light. There are also still key unknowns on trade impacts, inflation expectations and fiscal policy which further obscure the picture.” When will the BoC release its monetary policy decision, and how could it affect USD/CAD?The Bank of Canada will announce its policy decision on Wednesday at 13:45 GMT, with Governor Tiff Macklem holding a press conference at 14:30 GMT thereafter.Market observers do not expect significant surprises; however, they anticipate that the central bank will maintain its emphasis on the effects of US tariffs on the Canadian economy. This perspective may also have repercussions for CAD fluctuations.Senior Analyst Pablo Piovano from FXStreet highlighted that “USD/CAD has recently broken below its key 200-day Simple Moving Average (SMA) at 1.4020, subsequently opening the taps for extra weakness in the next few weeks.”“USD/CAD has hit a fresh 2025 bottom at 1.3673 on June 2, exclusively following dynamics around the US Dollar. Once this level is cleared, extra losses could extend to the September 2024 low at 1.3418 reached on September 25,” Piovano added.Piovano notes that “on the upside, the pair should encounter initial resistance at its May top of 1.4015 recorded on May 12 and May 13. This region of monthly peaks appears reinforced by the vicinity of the key 200-day SMA. If the pair manages to surpass the latter, it could embark on a potential visit to the next upside targets at the April high at 1.4414 set on April 1, ahead of the March top at 1.4542 recorded on March 4, and ultimately the 2025 peak at 1.4792 reached on February 3.”“Currently, the Relative Strength Index (RSI) has dropped below the 40 level, suggesting further weakness remains in the pipeline. In addition, the ongoing bearish trend looks solid, as indicated by the Average Directional Index (ADX) around the 27 zone,” Piovano concludes. Bank of Canada FAQs What is the Bank of Canada and how does it influence the Canadian Dollar? The Bank of Canada (BoC), based in Ottawa, is the institution that sets interest rates and manages monetary policy for Canada. It does so at eight scheduled meetings a year and ad hoc emergency meetings that are held as required. The BoC primary mandate is to maintain price stability, which means keeping inflation at between 1-3%. Its main tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will usually result in a stronger Canadian Dollar (CAD) and vice versa. Other tools used include quantitative easing and tightening. What is Quantitative Easing (QE) and how does it affect the Canadian Dollar? In extreme situations, the Bank of Canada can enact a policy tool called Quantitative Easing. QE is the process by which the BoC prints Canadian Dollars for the purpose of buying assets – usually government or corporate bonds – from financial institutions. QE usually results in a weaker CAD. QE is a last resort when simply lowering interest rates is unlikely to achieve the objective of price stability. The Bank of Canada used the measure during the Great Financial Crisis of 2009-11 when credit froze after banks lost faith in each other’s ability to repay debts. What is Quantitative tightening (QT) and how does it affect the Canadian Dollar? Quantitative tightening (QT) is the reverse of QE. It is undertaken after QE when an economic recovery is underway and inflation starts rising. Whilst in QE the Bank of Canada purchases government and corporate bonds from financial institutions to provide them with liquidity, in QT the BoC stops buying more assets, and stops reinvesting the principal maturing on the bonds it already holds. It is usually positive (or bullish) for the Canadian Dollar. Economic Indicator BoC Interest Rate Decision The Bank of Canada (BoC) announces its interest rate decision at the end of its eight scheduled meetings per year. If the BoC believes inflation will be above target (hawkish), it will raise interest rates in order to bring it down. This is bullish for the CAD since higher interest rates attract greater inflows of foreign capital. Likewise, if the BoC sees inflation falling below target (dovish) it will lower interest rates in order to give the Canadian economy a boost in the hope inflation will rise back up. This is bearish for CAD since it detracts from foreign capital flowing into the country. Read more. Last release: Wed Apr 16, 2025 13:45 Frequency: Irregular Actual: 2.75% Consensus: 2.75% Previous: 2.75% Source: Bank of Canada

11:58 AUD/USD: Expected to trade in a range between 0.6445 and 0.6490 – UOB Group
Australian Dollar (AUD) is expected to trade in a range between 0.6445 and 0.6490 against US Dollar (ISD). In the longer run, price action suggests AUD could continue to rise and test the significant resistance level at 0.6540, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Australian Dollar (AUD) is expected to trade in a range between 0.6445 and 0.6490 against US Dollar (ISD). In the longer run, price action suggests AUD could continue to rise and test the significant resistance level at 0.6540, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.Price action suggests AUD could continue to rise24-HOUR VIEW: "On Monday, AUD soared to a high of 0.6500. Yesterday, Tuesday, we pointed out that 'the sharp rise appears excessive, but there is room for AUD to test 0.6510 before leveling off.' However, after retesting 0.6500, AUD retreated to 0.6447 in the early NY session before settling at 0.6462 (-0.52%). There has been no increase in either downward or upward momentum. Today, we expect AUD to trade in a range, most likely between 0.6445 and 0.6490." 1-3 WEEKS VIEW: "When AUD was at 0.6490 yesterday (03 Jun, spot at 0.6490), we highlighted that the 'price action suggests AUD could continue to rise and test the significant resistance level at 0.6540.' We also highlighted that 'should AUD break below 0.6430, it would mean that it is not ready to head higher just yet.' Our view remains unchanged."

11:56 CAD: Don't rule out a BoC cut today – ING
Today’s Bank of Canada meeting has been a very hard one to call, ING's commodity experts Ewa Manthey and Warren Patterson note.

Today’s Bank of Canada meeting has been a very hard one to call, ING's commodity experts Ewa Manthey and Warren Patterson note.A hold may well be accompanied by dovish language"Consensus was slightly favouring a 25bp cut before aligning with market pricing for a hold over the past couple of days. The CAD OIS curve currently embeds around 25% probability of a cut today, which to us looks too conservative considering the ever-rising downside risks to the Canadian economy, especially after Trump hiked metal tariffs, which damage Canada more than any other country.""We think this meeting is a coin toss. We are very marginally favouring a cut purely based on the economic justification, but admit that the BoC might send an excessively dovish signal by cutting when markets are pricing in only 5bp.""Anyway, a hold may well be accompanied by dovish language, and the market’s pricing for the July meeting (-16bp) and year-end (-38bp) both look too conservative to us. The Canadian dollar is one of our least favourite currencies at the moment, also considering the asymmetrical correlation with US economic woes compared to other G10 currencies."

11:53 OPEC output grows in May – ING
ICE Brent hit its highest level since mid-May yesterday, with the front-month contract trading just shy of US$66/bbl. Wildfires in Alberta, Canada, provided a boost to prices. This, at a time when the market is digesting the announced OPEC+ July supply hike.

ICE Brent hit its highest level since mid-May yesterday, with the front-month contract trading just shy of US$66/bbl. Wildfires in Alberta, Canada, provided a boost to prices. This, at a time when the market is digesting the announced OPEC+ July supply hike. There continue to be clear signs of tightness in the spot Oil market as we move closer towards the Northern hemisphere summer. Both Brent and WTI prompt timespreads strengthened recently, while trading is in deep backwardation, ING's commodity experts Ewa Manthey and Warren Patterson note.OPEC’s output is going to continue trending higher"Supply risks around the Alberta wildfires appear to be receding, at least for now, due to rainfall. Oil producer Canadian Natural Resources restarted production at one of its sites after halting production last week due to fires. However, this relief could be short-lived amid forecasts for drier and warmer weather towards the end of this week.""Preliminary production numbers from a Bloomberg survey show that OPEC production increased by 200k b/d month-on-month to 27.54m b/d in May. This was less than OPEC’s share of just over 300k b/d of the total 411k b/d OPEC+ supply increase. Some OPEC members had already been producing above their targets, reducing the actual supply increases in the market. In addition, some members -- including Saudi Arabia -- fell short of production targets. Following large supply hikes for June and July, the group’s output should continue trending higher at least for the next couple of months.""Inventory numbers overnight from the American Petroleum Institute show that US crude Oil inventories fell by 3.28m barrels over the last week. However, the balance of the numbers is fairly bearish. Crude stocks at Cushing increased by 952k barrels, while for refined products, gasoline and distillate inventories grew by 4.73m barrels and 761k barrels, respectively."

11:48 GBP/USD: A sustained advance can be expected above 1.3600 – UOB Group
Current price movements are likely part of a 1.3490/1.3555 range trading phase. In the longer run, Pound Sterling (GBP) must first close above 1.3600 before a sustained advance can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Current price movements are likely part of a 1.3490/1.3555 range trading phase. In the longer run, Pound Sterling (GBP) must first close above 1.3600 before a sustained advance can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. Current price movements are likely part of a 1.3490/1.3555 range24-HOUR VIEW: "GBP soared to 1.3559 on Monday. Yesterday, Tuesday, we indicated that 'strong momentum suggests further GBP strength, even though it is unclear this will be sufficient for a break of the 1.3600 resistance.' Our assessment was incorrect, as GBP retreated, reaching a low of 1.3493 before closing at 1.3520 (-0.18%). The current price movements are likely part of a range trading phase. Today, we expect GBP to trade between 1.3490 and 1.3555." 1-3 WEEKS VIEW: "Last Friday (30 May, spot at 1.3500), we indicated that 'the current price movements still appear to be part of a range trading phase, likely between 1.3400 and 1.3600.' After GBP rose to 1.3559, we indicated yesterday (03 Jun, spot at 1.3555) that 'there has been an increase in short-term upward momentum, but for a sustained advance, GBP must first close above 1.3600.' We added, 'the likelihood of GBP closing above 1.3600 will grow in the next few days as long as the ‘strong support’ level at 1.3470 is intact.' Our view remains unchanged."

11:45 Oil: Central bank Gold buying slows in April – ING
Central banks added a net 12 tonnes of Gold to global Gold reserves in April, 12% lower than the previous month and below the 12-month average of 28 tonnes, according to the latest data from the World Gold Council.

Central banks added a net 12 tonnes of Gold to global Gold reserves in April, 12% lower than the previous month and below the 12-month average of 28 tonnes, according to the latest data from the World Gold Council. Although central banks are still buying Gold, the pace has slowed as prices hit record highs. April marked the second consecutive month of slower accumulation, ING's FX analyst Francesco Pesole notesCentral banks are likely to add more Gold to their reserves"Gold prices are up around 27% so far this year, after peaking at a record $3,500/oz in April. The rise is being driven by the global trade war, geopolitical risks, and central banks adding to their reserves. In the first quarter, central banks bought 244 tonnes of Gold.""Poland remains the leading buyer, both in April and year-to-date. In April, the National Bank of Poland added another 12 tonnes to its reserves, lifting them to 509 tonnes. This is higher than Gold reserves at the European Central Bank, which stand at 507 tonnes.""Despite the slowdown in purchases, central banks are likely to continue to add Gold to their reserves, given the uncertain economic environment and the efforts to diversify away from the US dollar."

11:44 EUR/USD: Likely to trade in a range of 1.1360/1.1430 – UOB Group
Euro (EUR) is likely to trade in a range of 1.1360/1.1430. In the longer run, EUR outlook is revised to positive; the immediate levels to watch are 1.1495 and 1.1530, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Euro (EUR) is likely to trade in a range of 1.1360/1.1430. In the longer run, EUR outlook is revised to positive; the immediate levels to watch are 1.1495 and 1.1530, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. EUR outlook is revised to positive24-HOUR VIEW: "EUR rose sharply to close at 1.1441 two days ago. Yesterday, we were of the view that EUR 'is likely to rise further.' Our view was incorrect, as EUR pulled back to 1.1362 before closing at 1.1370 (-0.18%). There is no significant increase in downward momentum, and instead of continuing to pull back, EUR is more likely to trade in a range of 1.1360/1.1430." 1-3 WEEKS VIEW: "After EUR rose and closed 0.68% higher at 1.1441 two days ago, we revised our view to positive, indicating that 'the immediate levels to watch are 1.1495 and 1.1530.' We did not quite expect the subsequent pullback that reached a low of 1.1362. While the pullback has dimmed the prospects of further EUR strength, only a breach of 1.1345 (no change in ‘strong support’ level) would invalidate our view."

11:40 AUD/USD is looking for direction around 0.6450 ahead of US employment data
The Australian Dollar is practically flat on the daily chart, moving back and forth around the 0.6450 area, following a reversal from the 0.6500 area on Thursday, after downbeat data and dovish RBA minutes.The minutes of the latest RBA monetary policy meeting revealed that the bank considered a 50 b

11:39 EUR: Staying below 1.140 for now – ING
As we had anticipated, EUR/USD was looking a bit too expensive close to 1.145, and the bounce below 1.140 is probably due to some short-squeezing, ING's FX analyst Francesco Pesole notes.

As we had anticipated, EUR/USD was looking a bit too expensive close to 1.145, and the bounce below 1.140 is probably due to some short-squeezing, ING's FX analyst Francesco Pesole notes. EUR/USD can settle back close to 1.13 over the coming weeks"Some potential positive news on US-China trade tensions this week argues against a quick return to early Tuesday levels (1.1420+). That is, barring some materially soft US data today.""Yesterday’s eurozone inflation figures incidentally increased the chance of a more dovish message by the ECB. Aside from the print below the 2.0% target in headline inflation, core decelerated quite abruptly, from 2.7% to 2.3%.""The overall ECB message should be dovish, but that more references to the euro’s global potential can offset the negatives for EUR/USD. US and EU trade negotiators are meeting in Paris. Our view on EUR/USD is unchanged: we think the pair can settle back close to 1.13 over the coming weeks, and that short-term rallies may still lose steam as they approach 1.150."

11:30 United Kingdom S&P Global Services PMI came in at 50.9, above expectations (50.2) in May
United Kingdom S&P Global Services PMI came in at 50.9, above expectations (50.2) in May

11:30 United Kingdom S&P Global Composite PMI registered at 50.3 above expectations (49.4) in May
United Kingdom S&P Global Composite PMI registered at 50.3 above expectations (49.4) in May

11:25 EUR/GBP steadies near 0.8400 following PMI data from Eurozone, Germany
EUR/GBP moves little after registering losses in the previous session, trading around 0.8420 during the European hours on Wednesday. The currency cross remains steady after the Purchasing Managers’ Index (PMI) data was released from the Eurozone and Germany.

11:04 NZD/USD Price Forescast: Support at 0.6000 area keeps the upward trend intact
The New Zealand Dollar turned lower on Tuesday, weighed by a stronger US Dollar, but downside attempts have been contained at the 0.5990-0.6000 area, which keeps the broader upward trend intact.The Kiwi retreated from year-to-date highs, at 0.6050, following stronger-than-expected US job openings nu

11:00 Eurozone HCOB Services PMI above expectations (48.9) in May: Actual (49.7)
Eurozone HCOB Services PMI above expectations (48.9) in May: Actual (49.7)

11:00 Eurozone HCOB Composite PMI registered at 50.2 above expectations (49.5) in May
Eurozone HCOB Composite PMI registered at 50.2 above expectations (49.5) in May

10:59 Forex Today: Markets stabilize ahead of US data, BoC rate decision
Here is what you need to know on Wednesday, June 4:

10:55 Germany HCOB Services PMI below expectations (47.2) in May: Actual (47.1)
Germany HCOB Services PMI below expectations (47.2) in May: Actual (47.1)

10:55 Germany HCOB Composite PMI came in at 48.5, below expectations (48.6) in May
Germany HCOB Composite PMI came in at 48.5, below expectations (48.6) in May

10:50 France HCOB Services PMI above expectations (47.4) in May: Actual (48.9)
France HCOB Services PMI above expectations (47.4) in May: Actual (48.9)

10:50 France HCOB Composite PMI came in at 49.3, above forecasts (48) in May
France HCOB Composite PMI came in at 49.3, above forecasts (48) in May

10:45 Italy HCOB Services PMI registered at 53.2 above expectations (52.3) in May
Italy HCOB Services PMI registered at 53.2 above expectations (52.3) in May

10:32 EUR/USD consolidates below 1.1400 as good US data supports the Dollar
EUR/USD is moving lower for the second consecutive day on Wednesday, trading around 1.1380 at the time of writing.

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The Euro, on the other hand, was hit by softer-than-expected Eurozone Consumer Prices Index (CPI) data release, which clears the path for the European Central Bank (ECB) to continue lowering interest rates in the coming months.

In the economic calendar on Wednesday, services activity data from Spain, France, and Germany precede the Eurozone final HCOB Services PMI reading.

Apart from that, the ECB kicks off a two-day monetary policy meeting, which is highly likely to conclude with a 25 basis points (bps) interest rate cut to be announced on Thursday. The main interest of the event will be on the ECB President Christine Lagarde’s ensuing press release to assess the chances of a pause in July.

In the US, a strong JOLTS Job Openings release boosted market sentiment and offset the downbeat Factory Orders figures. Investors' mood remains positive on Wednesday, and that is supporting the US Dollar.

Later in the American session, the US ISM Services PMI and ADP Employment Change figures will provide some guidance for the US Dollar, on a day when US trading partners are expected to submit their “best offers” to reach trade deals that, so far, remain elusive. Euro PRICE Today The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -0.20% -0.16% -0.04% -0.04% -0.13% -0.20% -0.13% EUR 0.20% 0.01% 0.13% 0.14% 0.07% -0.02% 0.06% GBP 0.16% -0.01% 0.08% 0.12% 0.06% -0.03% 0.04% JPY 0.04% -0.13% -0.08% 0.03% -0.13% -0.09% -0.05% CAD 0.04% -0.14% -0.12% -0.03% -0.09% -0.16% -0.09% AUD 0.13% -0.07% -0.06% 0.13% 0.09% -0.09% -0.02% NZD 0.20% 0.02% 0.03% 0.09% 0.16% 0.09% 0.07% CHF 0.13% -0.06% -0.04% 0.05% 0.09% 0.02% -0.07% 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 Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Daily digest market movers: Soft EU inflation figures weigh on the EuroThe Euro retreated from six-week highs after the Eurozone CPI showed that inflation fell below the ECB’s 2% target. Monthly inflation stalled in May, with the headline CPI rate down to a 1.9% year-over-year (YoY), against expectations of a 2% reading. Core inflation eased to 2.3% YoY, beyond the 2.5% expected.
In the US, JOLTS Job Openings, a relevant employment gauge for the Federal Reserve (Fed), increased to 7.39 million in April, against expectations of a slight decline to 7.1 million and from March’s 7.2 million reading.
April’s US Factory Orders resulted in a 3.7% contraction, which declined beyond the 3% expected, highlighting the negative impact of US President Trump’s trade policy on manufacturing activity.
In the Eurozone economic calendar, the main focus is May’s final HCOB Services PMI reading, which is expected to confirm that the sector’s activity contracted to 48.9 in May, following five consecutive months of growth.
During the US session, the focus will shift to the ADP Employment report, which will set the expectations for Friday’s all-important Nonfarm Payrolls release. The market anticipates an increase to 115,000 new payrolls in May, after April’s 62,000 reading.
Beyond that, the US ISM Services PMI is likely to show some acceleration in business activity in May. These figures are expected to feed investors’ appetite for risk, which, over the recent weeks, has favoured the USD rather than the Euro.Technical analysis: EUR/USD corrects lower after rejection at 1.1455
EUR/USD hit six-week highs at 1.1450 on Monday but failed to consolidate at those levels and has returned to the mid-range of the 1.1300s.

The immediate trend remains positive, but technical indicators in 4-hour charts are approaching bearish territory, and the US Dollar Index is gaining momentum. Correlation studies suggest that further correction is on the cards for the index on Wednesday.

The 1.1365 level is holding bears for now, with the next support areas at 1.1310 and the May 20 and 29 lows in the 1.1210 area. On the upside, immediate resistance is at 1.1410 and Tuesday’s high at 1.1455. Inflation FAQs What is inflation? Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%. What is the Consumer Price Index (CPI)? The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls. What is the impact of inflation on foreign exchange? Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money. How does inflation influence the price of Gold? Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative.

10:16 WTI eases amid a stronger USD, but remains close to $63.00
Oil has been trimming some gains over the last sessions, weighed by a stronger US Dollar, but it remains close to the six-week highs above $63.00 reached on Tuesday.

10:15 Spain HCOB Services PMI came in at 51.3, below expectations (52.9) in May
Spain HCOB Services PMI came in at 51.3, below expectations (52.9) in May

10:00 Spain Industrial Output Cal Adjusted (YoY) dipped from previous 1% to 0.6% in April
Spain Industrial Output Cal Adjusted (YoY) dipped from previous 1% to 0.6% in April

09:45 EUR/JPY gains traction above 163.50 amid risk-on sentiment
The EUR/JPY cross gains ground to near 163.80 during the early European session on Wednesday. The Japanese Yen (JPY) weakens against the Euro (EUR) due to the cautious remarks from the Bank of Japan (BoJ) Governor Kazuo Ueda and the improved risk sentiment.

09:44 US President Trump: Very tough, extremely hard to make a deal with China’s Xi
In his latest post on Truth Social, US President Donald Trump said that "I like President Xi of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!"

In his latest post on Truth Social, US President Donald Trump said that "I like President Xi of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!"

09:12 USD/CHF holds ground near 0.8250 ahead of Trump tariffs implementation
USD/CHF remains stronger for the second successive session, trading around 0.8240 during the Asian hours on Wednesday. The US Dollar continues to gain ground against its peers, potentially due to a technical correction.

09:03 Crude oil price today: WTI price bearish at European opening
West Texas Intermediate (WTI) Oil price falls on Wednesday, early in the European session. WTI trades at $62.59 per barrel, down from Tuesday’s close at $62.84.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $65.20 after its previous daily close at $65.43.

09:00 Russia S&P Global Services PMI climbed from previous 50.1 to 52.2 in May
Russia S&P Global Services PMI climbed from previous 50.1 to 52.2 in May

08:26 US and Canada trade deal could happen before G7 Summit next week
Citing new US Ambassador to Canada Pete Hoekstra, The Toronto Sun reported that a trade deal between the US and Canada could strike any time next week.

08:01 AUD/JPY Price Forecast: Bearish bias remains unchanged near 93.00
The AUD/JPY cross trades in positive territory near 93.10 during the early European session on Wednesday. The Australian Dollar (AUD) remains weak against the Japanese Yen (JPY) after Australia’s first quarter (Q1) economic growth missed estimates.

07:59 USD/CAD hangs near YTD low; flat lines above 1.3700 ahead of BoC, US macro data
The USD/CAD pair extends its sideways consolidative price move through the Asian session on Wednesday and remains close to its lowest level since October 2024 touched earlier this week.

07:38 GBP/USD remains above 1.3500 as US Dollar comes under pressure from "Sell America" trend
GBP/USD edges higher after registering losses in the previous session, trading around 1.3520 during the Asian hours on Wednesday. The pair may appreciate as the US Dollar (USD) attracts sellers under the “Sell America” trend amid rising tariff uncertainty, which could hurt growth in the US economy.

07:37 India Gold price today: Gold rises, according to FXStreet data
Gold prices rose in India on Wednesday, according to data compiled by FXStreet.

.fxs-related-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-related-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}.fxs-related-module-related-link a{text-decoration:none;color:#1b1c23;font-weight:700;font-size:16px;font-style:normal;line-height:20px}.fxs-related-module-related-link a:hover,.fxs-related-module-related-link:hover,.fxs-related-module-related-link:hover a{color:#e4871b}.fxs-related-module-related-link a:hover{text-decoration:none}@media (min-width:680px){.fxs-related-module-title{font-size:19.2px;line-height:27.2px}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}} .fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} Gold prices rose in India on Wednesday, according to data compiled by FXStreet. The price for Gold stood at 9,275.17 Indian Rupees (INR) per gram, up compared with the INR 9,256.11 it cost on Tuesday. The price for Gold increased to INR 108,183.80 per tola from INR 107,961.50 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 9,275.17 10 Grams 92,751.12 Tola 108,183.80 Troy Ounce 288,490.30 2025 Gold Forecast Guide [PDF] Download your free copy of the 2025 Gold Forecast Daily Digest Market Movers: Gold price draws support from a combination of factors The Job Openings and Labor Turnover Survey (JOLTS) released on Tuesday showed that there were 7.39 million job openings on the last business day of April. The reading exceeded expectations of 7.1 million and also surpassed the 7.2 million openings recorded in March. The data pointed to the continued resilience of the US labor market and bolsters optimism regarding the health of the economy. Despite the upbeat data, the US Dollar faced some pressure from declining US Treasury bond yields and bets that the Federal Reserve (Fed) will deliver at least two 25 basis points rate cuts by the end of this year. Moreover, concerns that the US budget deficit could worsen at a faster pace than expected on the back of US President Donald Trump’s flagship tax and spending bill weigh on the Greenback. Atlanta Fed President Raphael Bostic said on Tuesday that he is 'very cautious' about jumping to cutting rates and that the best monetary policy approach now entails 'patience'. Bostic added that there is still a way to go on inflation as core prices are still an issue and that recession is not in his forecast right now, though he sees a possible path to one interest rate cut this year, depending on the economy. Meanwhile, Chicago Fed President Austan Goolsbee noted that a slowdown related to tariffs might not show up for a while in the data. All indicators point to stable and full employment and we have to wait and see if tariffs have a big or small inflation impact, Goolsbee added further. Separately, Fed Board of Governors member Lisa Cook said that the trade policy is now affecting the economy and may make it harder to get inflation lower. Cook expects increased inflation and reduced activity because of tariffs and warned that tariffs could lead to a stagflation environment. The Fed's monetary policy is well-positioned for a range of scenarios, Cook added further. Trump and Chinese President Xi Jinping are expected to hold a call this week, likely on Friday, amid renewed fears of a trade war between the world's two largest economies. Furthermore, the increase in steel and aluminum import tariffs from 25% to 50% come into effect on Wednesday. This keeps the trade-related risk premium in play and offers some support to the safe-haven Gold price. Traders now look forward to the release of the US ADP report on private-sector employment and the US ISM Services PMI. Apart from this, speeches from influential FOMC members will drive the USD demand and provide some meaningful impetus to the XAU/USD pair. The focus, however, remains glued to the official monthly jobs data, popularly known as the Nonfarm Payrolls (NFP) report. FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly. Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up. (An automation tool was used in creating this post.)

07:27 Silver Price Forecast: XAG/USD bulls have the upper hand near mid-$34.00s, just below YTD top
Silver (XAG/USD) struggles to capitalize on the overnight bounce from sub-$34.00 levels and oscillates in a narrow trading band during the Asian session on Wednesday.

07:24 FX option expiries for Jun 4 NY cut
FX option expiries for Jun 4 NY cut at 10:00 Eastern Time vi a DTCC can be found below.

FX option expiries for Jun 4 NY cut at 10:00 Eastern Time vi a DTCC can be found below.EUR/USD: EUR amounts1.1200 3.3b1.1250 1.1b1.1350 1.5b1.1400 1.3b1.1450 1.8bUSD/JPY: USD amounts 140.00 1.3b145.00 897mUSD/CHF: USD amounts 0.8000 750m0.8120 620m0.8400 682mAUD/USD: AUD amounts0.6450 961m0.6600 721mUSD/CAD: USD amounts 1.3740 629m1.3750 1.2b1.3800 632mNZD/USD: NZD amounts0.5725 600m

07:05 Gold price trades with positive bias above $3,350, remains close to multi-week top
Gold price (XAU/USD) attracts some dip-buyers during the Asian session on Wednesday and reverses a part of the previous day's retracement slide from a nearly four-week top.

07:04 EUR/USD hovers below 1.1400 as Eurozone inflation falls below ECB’s 2% target
EUR/USD moves little after registering losses in the previous session, trading around 1.1380 during the Asian hours on Wednesday. The pair may appreciate as the US Dollar (USD) struggles due to traders’ caution amid rising tariff uncertainty and its potential to hurt growth in the US economy.

06:06 USD/INR softens ahead of Indian/US PMI releases
The Indian Rupee (INR) gains ground on Wednesday. The weaker US Dollar (USD) after the downbeat economic data supports the local currency.

05:47 US Dollar Index Price Forecast: Treads water above 99.00 near nine-day EMA barrier
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is edging lower after registering over 0.5% gains in the previous session and trading around 99.20 during the Asian hours on Wednesday.

05:36 Japanese Yen stalls Tuesday’s retracement slide from one-week high against USD
The Japanese Yen (JPY) attracts some intraday buyers following an Asian session downtick against its American counterpart and for now, seems to have stalled its pullback from a one-week high touched the previous day.

05:28 Canadian PM Office: Additional US tariffs on steel, aluminium are ‘unlawful, unjustified’
A statement from the Canadian Prime Minister’s Office was released late Tuesday, stating that “additional US tariffs on Canadian steel and aluminium are ‘unlawful and unjustified’.“

A statement from the Canadian Prime Minister’s Office was released late Tuesday, stating that “additional US tariffs on Canadian steel and aluminium are ‘unlawful and unjustified’.“Canada government is engaged in intensive and ‘live negotiations’ to have US tariffs removed,” the statement read.

05:19 US FBI Director: China targets our food supply, putting American lives serious risk
Federal Bureau of Investigation (FBI) Director Kash Patel confirmed via post on X the arrest of two Chinese nationals charged for smuggling potential bioterror fungus into the US.

Federal Bureau of Investigation (FBI) Director Kash Patel confirmed via post on X the arrest of two Chinese nationals charged for smuggling potential bioterror fungus into the US.This comes amid intensifying US-Chian trade tensions, with markets eagerly awaiting the talks between US President Donald Trump and his Chinese counterpart Xi Jinping by the end of this week.

04:53 Australian Dollar remains stronger following Q1 GDP data
The Australian Dollar (AUD) appreciates against the US Dollar (USD) on Wednesday after registering over 0.5% losses in the previous session. The AUD/USD pair remains in positive territory following the release of mixed economic data from Australia.

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span{text-decoration:underline}.fxs-event-module-release{margin:0;display:flex;flex-direction:column;gap:2px}.fxs-event-module-release>p{font-size:12.8px;font-family:Roboto;font-style:normal;line-height:17px;margin:0}.fxs-event-module-release>p>strong{color:#8c8d91;font-weight:700}.fxs-event-module-release>p>span{color:#8c8d91;font-weight:400}.fxs-event-module-release>p>a{color:#e4871b;font-weight:700;text-decoration:none}.fxs-event-module-release>p>a:hover>span{text-decoration:underline}.fxs-event-module-inner-calendar .fxs-event-module-container{margin:16px 0 0 0;border-top:1px solid #ececf1;padding:12px 0 0 0}@media (min-width:680px){.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:14.72px;line-height:20px}.fxs-event-module-release p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}The Australian Dollar maintains its position after the release of mixed economic data on Wednesday.Australia’s Gross Domestic Product expanded 0.2% QoQ in Q1, against the previous 0.6% growth.The US Dollar faces challenges as tariff uncertainty may hurt growth in the US economy.The Australian Dollar (AUD) appreciates against the US Dollar (USD) on Wednesday after registering over 0.5% losses in the previous session. The AUD/USD pair remains in positive territory following the release of mixed economic data from Australia.Australian Bureau of Statistics (ABS) showed that Gross Domestic Product (GDP) grew by 0.2% quarter-over-quarter in the Q1, declining from the previous 0.6% growth. Australia’s economy fell short of the expected 0.4% rise. Meanwhile, the annual GDP growth rate remained consistent at 1.3%, against the expected 1.5%.Moreover, the S&P Global Australia Composite Purchasing Managers’ Index (PMI) fell to 50.5 in May from April’s 51.0 reading, expanding for the eighth successive month. However, the pace indicates marginal growth in business activity, albeit the slowest so far in 2025.The S&P Global Australia Services PMI came at 50.6 in May, marking a 16th straight month of expansion but at the slowest pace in six months. The Ai Group Manufacturing PMI posted a -23.5 reading, improved slightly from the previous -26.5. Manufacturers experience delays in major projects and rising market hesitation due to global and domestic uncertainty.Reserve Bank of Australia (RBA) Assistant Governor Sarah Hunter expressed caution on Tuesday that “higher US tariffs will put a drag on the global economy.” Hunter noted that higher uncertainty could dampen investment, output, and employment in Australia. However, she also added that Australia’s exporters are relatively well-placed to weather the storm and assumes that Chinese authorities will support their economy through fiscal stimulus.Australian Dollar advances as US Dollar edges lower amid growing tariff uncertaintyThe US Dollar Index (DXY), which measures the value of the US Dollar against six major currencies, is trading lower at around 99.10 at the time of writing. The Greenback struggles as traders adopt caution amid rising tariff uncertainty and its potential to hurt growth in the US economy.Job Openings and Labor Turnover Survey (JOLTS) showed the number of job openings on the last business day of April stood at 7.39 million, increasing from March’s 7.2 million openings. This figure surprisingly came in above the market expectation of 7.1 million.Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index eased to 48.5 in May from 48.7 in April. This figure came in weaker than the expectation of 49.5.US President Donald Trump said at a rally in Pennsylvania on Friday that he planned to double import tariffs on steel and aluminum to build up pressure on global steel producers and intensify the trade war. "We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said, per Reuters.The US Court of Appeals for the Federal Circuit in Washington, on Thursday, temporarily put a hold on a federal court ruling and allowed President Trump's tariffs to take effect. On Wednesday, a three-judge panel at the Court of International Trade in Manhattan halted Trump from imposing "Liberation Day" tariffs from taking effect. The federal court found that Trump exceeded his authority in imposing broad import tariffs and declared the executive orders issued on April 2 unlawful.House Republicans passed Trump’s “Big Beautiful Bill,” a multitrillion-dollar tax and spending package, which could increase the US fiscal deficit, along with the risk of bond yields staying higher for longer. This scenario raises concerns over the US economy and prompts traders to sell American assets under the “Sell America” trend. Policy experts anticipate Senate changes as GOP lawmakers aim to finalize the “big bill” by July 4.On Friday, Trump accused China of breaching a truce on tariffs reached earlier this month. Washington and Beijing agreed to temporarily lower reciprocal tariffs in a meeting in Geneva. Trump said that China had "totally violated its agreement with us". US Trade Representative Jamieson Greer also said that China had failed to remove non-tariff barriers as agreed.In response, a spokesperson from China’s Ministry of Commerce said on Monday that China had complied with the agreement by cancelling or suspending relevant tariff and non-tariff measures aimed at US "reciprocal tariffs."China's Caixin Manufacturing Purchasing Managers' Index (PMI) unexpectedly fell to 48.3 in May from 50.4 in April, falling short of the market expectations of a 50.6 expansion. However, the weekend data showed that the National Bureau of Statistics (NBS) Manufacturing PMI rose to 49.5 in May, from April’s 49.0 reading. Meanwhile, the Non-Manufacturing PMI declined to 50.3 from the previous 50.4 figure, falling short of the expected reading of 50.6. The Aussie Dollar could be impacted by Chinese economic data as both countries are close trading partners.RBA Minutes of its May monetary policy meeting suggested that the board viewed the case for a 25 basis point cut as a stronger one, preferring a policy to be cautious and predictable. The policymakers highlighted that US trade policy posed a significant and adverse impact on the global outlook, but had not yet affected the Australian economy, however, they did not persuade that a 50 bps was needed.The Reserve Bank of Australia (RBA) is expected to deliver more rate cuts in the upcoming policy meetings. The central bank acknowledged progress in curbing inflation and warned that US-China trade barriers pose downside risks to economic growth. Governor Michele Bullock stated that the RBA is prepared to take additional action if the economic outlook deteriorates sharply, raising the prospect of future rate cuts.Australian Dollar finds immediate support at nine-day EMA near 0.6450AUD/USD is trading around 0.6470 on Wednesday, indicating a prevailing bullish bias. The daily chart’s technical analysis suggests that the pair remains within the ascending channel pattern. The short-term price momentum remains stronger as the pair stays above the nine-day Exponential Moving Average (EMA). Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 mark, indicating a persistent bullish outlook.On the upside, the AUD/USD pair could approach 0.6537, a seven-month high recorded on May 26. A break above this initial barrier could support the pair to explore the region around the upper boundary of the ascending channel around 0.6670.The immediate support appears at the nine-day EMA of 0.6456, aligned with the ascending channel’s lower boundary around 0.6450. A successful breach below this crucial support zone could dampen the bullish bias and lead the AUD/USD pair to test the 50-day EMA at 0.6395.AUD/USD: Daily Chart Australian Dollar PRICE Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the US Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -0.16% -0.15% -0.11% -0.09% -0.14% -0.13% -0.14% EUR 0.16% -0.01% 0.03% 0.07% 0.02% 0.02% 0.00% GBP 0.15% 0.01% 0.00% 0.07% 0.04% 0.04% 0.02% JPY 0.11% -0.03% 0.00% 0.06% -0.06% 0.05% 0.02% CAD 0.09% -0.07% -0.07% -0.06% -0.05% -0.05% -0.06% AUD 0.14% -0.02% -0.04% 0.06% 0.05% -0.00% -0.02% NZD 0.13% -0.02% -0.04% -0.05% 0.05% 0.00% -0.01% CHF 0.14% -0.01% -0.02% -0.02% 0.06% 0.02% 0.01% 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 Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote). Economic Indicator Gross Domestic Product (QoQ) The Gross Domestic Product (GDP), released by the Australian Bureau of Statistics on a quarterly basis, is a measure of the total value of all goods and services produced in Australia during a given period. The GDP is considered as the main measure of Australian economic activity. The QoQ reading compares economic activity in the reference quarter to the previous quarter. Generally, a rise in this indicator is bullish for the Australian Dollar (AUD), while a low reading is seen as bearish. Read more. Last release: Wed Jun 04, 2025 01:30 Frequency: Quarterly Actual: 0.2% Consensus: 0.4% Previous: 0.6% Source: Australian Bureau of Statistics Why it matters to traders? The Australian Bureau of Statistics (ABS) releases the Gross Domestic Product (GDP) on a quarterly basis. It is published about 65 days after the quarter ends. The indicator is closely watched, as it paints an important picture for the economy. A strong labor market, rising wages and rising private capital expenditure data are critical for the country’s improved economic performance, which in turn impacts the Reserve Bank of Australia’s (RBA) monetary policy decision and the Australian dollar. Actual figures beating estimates is considered AUD bullish, as it could prompt the RBA to tighten its monetary policy.

04:30 Australia Gross Domestic Product (YoY) below forecasts (1.5%) in 1Q: Actual (1.3%)
Australia Gross Domestic Product (YoY) below forecasts (1.5%) in 1Q: Actual (1.3%)

04:30 Australia Gross Domestic Product (QoQ) registered at 0.2%, below expectations (0.4%) in 1Q
Australia Gross Domestic Product (QoQ) registered at 0.2%, below expectations (0.4%) in 1Q

04:15 PBOC sets USD/CNY reference rate at 7.1886 vs. 7.1869 previous
The People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Wednesday at 7.1886 as compared to the previous day's fix of 7.1869 and 7.1977 Reuters estimate.

04:04 NZD/USD strengthens to near 0.6000, eyes on potential US-China talks
The NZD/USD pair holds positive ground around 0.6000 during the early Asian session on Wednesday. The US Dollar (USD) weakens against the New Zealand Dollar (NZD) amid concerns over the impact of US President Donald Trump’s tariffs on the US economy and global trade.

03:31 Japan Jibun Bank Services PMI registered at 51 above expectations (50.8) in May
Japan Jibun Bank Services PMI registered at 51 above expectations (50.8) in May

03:19 Iran says open to accept nuclear consortium on its soil
Iran is open to basing a nuclear deal with the United States (US) around the idea of a regional uranium enrichment consortium based in Iran, Axios reported on Wednesday, citing a senior Iranian official.

03:02 WTI extends upside above $62.50 geopolitical risks, supply fears
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $62.80 during the Asian trading hours on Tuesday. The WTI price extends the rally to two-week highs amid persistent geopolitical tensions and a weaker US Dollar (USD).

02:54 GBP/USD settles into a holding pattern just above 1.3500
GBP/USD trimmed bullish momentum on Tuesday, settling into slim chart churn just north of 1.3500.

02:08 USD/CAD remains on the defensive near 1.3700 ahead of BoC rate decision
The USD/CAD pair remains on the defensive around 1.3715 during the early Asian session on Wednesday. The Canadian Dollar (CAD) edges higher against the Greenback as crude oil prices rise.

02:01 Australia S&P Global Services PMI above forecasts (50.5) in May: Actual (50.6)
Australia S&P Global Services PMI above forecasts (50.5) in May: Actual (50.6)

02:01 Australia S&P Global Composite PMI fell from previous 50.6 to 50.5 in May
Australia S&P Global Composite PMI fell from previous 50.6 to 50.5 in May

02:00 South Korea Consumer Price Index Growth (MoM) came in at -0.1%, below expectations (0.1%) in May
South Korea Consumer Price Index Growth (MoM) came in at -0.1%, below expectations (0.1%) in May

02:00 South Korea Consumer Price Index Growth (YoY) came in at 1.9% below forecasts (2.1%) in May
South Korea Consumer Price Index Growth (YoY) came in at 1.9% below forecasts (2.1%) in May

01:45 Australia’s Gross Domestic Product expected to show modest Q1 growth
The Australian Gross Domestic Product (GDP) will be released on Wednesday, with mixed expectations ahead of the announcement. The first quarter (Q1) figures from the Australian Bureau of Statistics (ABS) are expected to show that the economy made modest progress in the three months to March 2025.

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50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Australian Gross Domestic Product is foreseen at 0.4% in the first quarter of 2025.The Reserve Bank of Australia is ready to deliver more aggressive rate cuts if needed. The Australian Dollar trades in a well-limited range against its American rival. The Australian Gross Domestic Product (GDP) will be released on Wednesday, with mixed expectations ahead of the announcement. The first quarter (Q1) figures from the Australian Bureau of Statistics (ABS) are expected to show that the economy made modest progress in the three months to March 2025. The quarter-on-quarter (QoQ) GDP is foreseen at 0.4%, down from the 0.6% posted in the previous quarter, while the annualised reading is foreseen at 1.5% after posting 1.3% in Q4 2024.Market analysts believe that, while the impact of United States (US) President Donald Trump’s tariffs could be limited on the Australian economy, the global uncertainty related to massive levies will likely affect economic progress, at least in the near term. Tensions arose ahead of the GDP release as Trump doubled tariffs on aluminium and steel imports into the US from 25% to 50%. The latest headlines may have no direct impact on Australian Q1 GDP, but are taking their toll on the market’s mood, mainly keeping the US Dollar (USD) on the back foot despite intraday upward corrections.What to expect from the Q1 GDP reportThe annual pace of Australian economic growth is expected to have accelerated in the first three months of the year, with some assistance from the Reserve Bank of Australia (RBA). After holding rates near record levels for a long time, the RBA Board finally began trimming the Official Cash Rate (OCR) in February, reducing the benchmark by 25 basis points (bps) from 4.35% to 4.10%. A similar decision was taken in May, with the OCR currently standing at 3.85%. Back then, the accompanying statement stated: “Uncertainty in the world economy has increased over the past three months and volatility in financial markets rose sharply for a time. While recent announcements on tariffs have resulted in a rebound in financial market prices, there is still considerable uncertainty about the final scope of the tariffs and policy responses in other countries. Geopolitical uncertainties also remain pronounced. These developments are expected to have an adverse effect on global economic activity, particularly if households and firms delay expenditure pending greater clarity on the outlook.”The Minutes of the RBA´s May 20 meeting, released early on Tuesday, showed that officials considered a possible 50 bps cut but ultimately opted for a more discrete action. Still, policymakers made it clear that the Board is prepared to “respond to international developments if they were to have material implications for activity and inflation” in Australia, referring to the potential effect of Trump’s global trade war. On a positive note, officials were more confident about the progress on inflation. The annual Trimmed Mean Consumer Price Index (CPI) stood at 2.9% year-over-year (YoY) in the March quarter, marking the first time it has been below 3% since 2021. The staff projected that headline inflation is likely to rise over the coming year, but also expect underlying inflation to be around the midpoint of the 2%–3% range. Ahead of the announcement, the National Australian Bank (NAB) anticipates: “Overall, we see growth over 2025 remaining below trend despite the ongoing recovery before rising to around 2¼% % over 2026. We see the largest risks to growth this year coming from a weaker global backdrop, and in particular, the risk that heightened global uncertainty leads to weaker business investment and employment outcomes and weighs on consumers despite the improving real income story.”On the other hand, Westpac states: “We have downgraded our GDP forecast to 0.1% QoQ and 1.2% YoY in Q1 2025 following the latest batch of indicators. Public demand, net exports and investment in intangibles all disappointed. While some of the weakness reflects bigger than expected impacts from weather-related disruptions, it is undoubtedly the case that growth remains sluggish.”How can the GDP report affect the Australian Dollar?The Q1 GDP report will be released on Wednesday at 01:30 GMT. Ahead of the announcement, the Australian Dollar (AUD) eases against the USD, with the AUD/USD pair trading around 0.6450. The American currency experienced some near-term demand after falling at the beginning of the week due to mounting tensions between the US and China. Generally speaking, upbeat figures should boost the AUD, while a slower pace of growth should put pressure on the Australian currency. Valeria Bednarik, Chief Analyst at FXStreet, notes: “The AUD/USD pair trades in a well-limited range since mid-May, with buyers aligned in the 0.6380/90 region and sellers containing advances at around 0.6520. Ahead of the GDP release, the technical picture is neutral, according to the daily chart, with the downward potential limited. AUD/USD rests above all its moving averages, which remain directionless, while technical indicators offer neutral-to-bearish slopes, developing above their midlines. GDP data needs to be extremely disappointing for the pair to break the bottom of the range.” Bednarik adds: “An upbeat reading could push the AUD/USD pair towards the 0.6530 region, while further gains expose the 0.6570 price zone. Near-term support comes at the 0.6400 threshold, followed by the 0.6380 area.” Economic Indicator Gross Domestic Product (YoY) The Gross Domestic Product (GDP), released by the Australian Bureau of Statistics on a quarterly basis, is a measure of the total value of all goods and services produced in Australia during a given period. The GDP is considered as the main measure of Australian economic activity. The YoY reading compares economic activity in the reference quarter compared with the same quarter a year earlier. Generally, a rise in this indicator is bullish for the Australian Dollar (AUD), while a low reading is seen as bearish. Read more. Next release: Wed Jun 04, 2025 01:30 Frequency: Quarterly Consensus: 1.5% Previous: 1.3% Source: Australian Bureau of Statistics Why it matters to traders? The Australian Bureau of Statistics (ABS) releases the Gross Domestic Product (GDP) on a quarterly basis. It is published about 65 days after the quarter ends. The indicator is closely watched, as it paints an important picture for the economy. A strong labor market, rising wages and rising private capital expenditure data are critical for the country’s improved economic performance, which in turn impacts the Reserve Bank of Australia’s (RBA) monetary policy decision and the Australian dollar. Actual figures beating estimates is considered AUD bullish, as it could prompt the RBA to tighten its monetary policy. Tariffs FAQs What are tariffs? Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas. What is the difference between taxes and tariffs? Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers. Are tariffs good or bad? There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs. What is US President Donald Trump’s tariff plan? During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.

01:21 AUD/JPY Price Forecast: Edges higher with eyes set on 94.00 as bullish harami emerges
The AUD/JPY opens Wednesday’s Asian session with a positive mood, posting gains of over 0.08% at the time of writing. The cross-pair appears poised to extend the ongoing leg up, testing the May 29 daily high of 93.86.

01:14 United States Total Vehicle Sales registered at 15.7M, below expectations (16.3M) in May
United States Total Vehicle Sales registered at 15.7M, below expectations (16.3M) in May

01:01 United States API Weekly Crude Oil Stock climbed from previous -4.236M to -3.3M in May 30
United States API Weekly Crude Oil Stock climbed from previous -4.236M to -3.3M in May 30

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23:57 NZD/JPY Price Forecast: Pulls back on mixed mood, uptrend faces key test NZD/JPY retreated after reaching a three-day high of 86.82, dropping towards the 86.00 figure as market appetite turned slightly sour.

22:53 Mexican Peso trades near fresh YTD high against US Dollar The Mexican Peso (MXN) is trading near a fresh year-to-date high against the US Dollar (USD) on Wednesday, which is providing support for the USD/MXN pair above 19.16.

22:21 Silver Price Forecast: XAG/USD holds steady near $34.50 as bulls take a breather Silver price consolidated during Wednesday’s session, trading almost flat near $34.50, as traders seem reluctant to push the metal’s prices outside of the $34.00-$34.50 range.

21:59 USD/CHF Price Forecast: Dives below 0.82 as sellers regain control on USD slide USD/CHF drops from around three-day highs near 0.8250 and tumbles as the Greenback prolongs its agony, following a slight recovery on Tuesday. At the time of writing, the pair trades at 0.8174, down 0.78%.

21:54 Forex Today: The ECB is widely anticipated to lower its rates The Greenback resumed its downtrend and faded part of the previous day’s advance on Wednesday, weighed down by trade concerns and disheartening data from the US docket.

21:45 EUR/USD reclaims 1.14 as US data, trade tensions weigh on US Dollar The EUR/USD advances on Wednesday, edging up over 0.50% as the Greenback erases Tuesday’s gains following the release of weaker-than-expected economic data from the United States (US).

20:53 USD/JPY weakens as the safe-haven Yen benefits from a softer US Dollar The Japanese Yen (JPY) is gaining ground against the US Dollar (USD) on Wednesday, following a series of economic data releases and rising trade tensions, which have contributed to Yen appreciation.

19:53 USD/CAD weakens as BoC holds rates, US data disappoints The Canadian Dollar (CAD) extends its advance against the US Dollar (USD) on Wednesday after the Bank of Canada (BoC) held interest rates steady, aligning with market expectations.

19:00 Russia Unemployment Rate below forecasts (2.4%) in March: Actual (2.3%) Russia Unemployment Rate below forecasts (2.4%) in March: Actual (2.3%)

18:23 AUD/USD rebounds as US Dollar slips on soft jobs, ISM data The Australian Dollar (AUD) appreciates against the US Dollar (USD) on Wednesday, shrugging off softer-than-expected domestic GDP data as the Greenback retreats following disappointing US employment and ISM Services PMI figures.

17:56 EUR/CAD steadies as Bank of Canada holds rate steady at 2.75% EUR/CAD is trading flat in the early hours of the American session on Wednesday after the Bank of Canada (BoC) announced its decision to leave interest rates unchanged at 2.75%.

17:30 United States EIA Crude Oil Stocks Change came in at -4.304M below forecasts (-0.9M) in May 30 United States EIA Crude Oil Stocks Change came in at -4.304M below forecasts (-0.9M) in May 30

17:00 United States ISM Services PMI came in at 49.9 below forecasts (52) in May United States ISM Services PMI came in at 49.9 below forecasts (52) in May

17:00 United States ISM Services Employment Index registered at 50.7, below expectations (52.3) in May United States ISM Services Employment Index registered at 50.7, below expectations (52.3) in May

17:00 United States ISM Services Prices Paid: 68.7 (May) vs 65.1 United States ISM Services Prices Paid: 68.7 (May) vs 65.1

17:00 United States ISM Services New Orders Index dipped from previous 52.3 to 46.4 in May United States ISM Services New Orders Index dipped from previous 52.3 to 46.4 in May

16:45 Canada BoC Interest Rate Decision meets forecasts (2.75%) Canada BoC Interest Rate Decision meets forecasts (2.75%)

16:45 United States S&P Global Composite PMI registered at 53 above expectations (52.1) in May United States S&P Global Composite PMI registered at 53 above expectations (52.1) in May

16:45 United States S&P Global Services PMI rose from previous 52.3 to 53.7 in May United States S&P Global Services PMI rose from previous 52.3 to 53.7 in May

16:45 Global PMIs: Front-loaded factory output unwinds – Standard Chartered Manufacturing PMIs deteriorated at a faster rate in May versus April amid fading boost from front-loading. Coincident indicators were downbeat, but the US-China tariff truce helped to improve outlook.

16:24 Indian Rupee weakens for the second day as PMI disappoints, focus shifts to US data The Indian Rupee (INR) weakens against the US Dollar (USD) for the second straight day on Wednesday, as a firmer Greenback and disappointing Indian PMI figures weigh on sentiment.

15:32 US Pres. Trump: Powell must now lower the rate In a post published on Truth Social on Wednesday, United States President Donald Trump called upon Federal Reserve (Fed) Chairman Jerome Powell to lower the policy rate.

15:30 Canada Labor Productivity (QoQ) registered at 0.2%, below expectations (0.4%) in 1Q Canada Labor Productivity (QoQ) registered at 0.2%, below expectations (0.4%) in 1Q

15:15 United States ADP Employment Change came in at 37K, below expectations (115K) in May United States ADP Employment Change came in at 37K, below expectations (115K) in May

14:51 US Dollar Index (DXY) stalls above 99.00 as JOLTS jobs optimism fades The US Dollar Index (DXY) nudges lower on Wednesday, following a sharp rebound on Tuesday.

14:42 GBP is trading quietly on the day – Scotiabank Pound Sterling (GBP) is also trading in a tight range, entering Wednesday’s NA session with a minor gain vs. the US Dollar (USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.

14:40 EUR flat vs. USD following modest improvement in PMI’s – Scotiabank The Euro (EUR) is entering Wednesday’s NA session unchanged against the US Dollar (USD), quietly consolidating in a tight range just below 1.14, Scotiabank's Chief FX Strategist Shaun Osborne notes.

14:36 CAD little changed ahead of BoC policy decision – Scotiabank USD/CAD is essentially flat as markets await the BoC policy decision. The economists’ consensus has swung to no change after anticipating a 25bps cut until late last week, Scotiabank's Chief FX Strategist Shaun Osborne notes.

14:33 USD little changed as markets mull tariffs – Scotiabank The USD is trading steady to a little softer overall in quiet trade. Global stocks are firmer while bonds are little changed in rather quiet trading, Scotiabank's Chief FX Strategist Shaun Osborne notes.

14:27 British Pound recovers ground amid soft USD, upbeat PMI, and tariff reprieve The British Pound (GBP) edges higher against the US Dollar (USD) on Wednesday, paring Tuesday’s losses as the Greenback softens slightly ahead of key US labor market data.

14:00 United States MBA Mortgage Applications: -3.9% (May 30) vs previous -1.2% United States MBA Mortgage Applications: -3.9% (May 30) vs previous -1.2%

13:50 USD/JPY hesitates at 144.00 with markets awaiting US data The US Dollar’s recovery from Monday’s lows has lost steam during Wednesday’s European trading session.

13:48 What to make of the USD recovery? – Commerzbank After reaching its highest level since April at the beginning of the week, EUR/USD fell again yesterday. Some market voices attribute the US dollar's recovery to the upcoming US labour market data.

13:00 BoC decision in focus amid split market views on rate cut – Danske Bank All eyes are on the Bank of Canada today, with markets divided over whether a rate cut is imminent. While a hold is our base case, uncertainty remains high amid weakening data and global trade headwinds.

12:36 USD rebounds as risk appetite improves – Danske Bank The US Dollar (USD) caught a bid across G10 FX yesterday as safe-haven flows took a breather amid improved risk sentiment, with the JPY, CHF, and particularly gold weakening, Danske Bank's FX analysts report.

12:31 EU’s Sefcovic: Had constructive talks with USTR Greer European Union (EU) Trade Commissioner Maros Sefcovic said on Wednesday that he “had constructive talks with US Trade Representative (USTR) Jamieson Greer.”

12:31 Silver price today: Silver broadly unchanged, according to FXStreet data Silver prices (XAG/USD) broadly unchanged on Wednesday, according to FXStreet data.

12:01 GBP/JPY Price Forecast: Seems poised to build on momentum beyond 195.00 mark The GBP/JPY cross builds on the previous day's goodish rebound from the 192.75-192.70 area, or over a one-week low, and gains positive traction for the second straight day on Wednesday.

12:00 BoC set to leave interest rate unchanged amid rising inflation and US trade war Market analysts generally predict that the Bank of Canada (BoC) will keep its interest rate at 2.75% on Wednesday, adding to the pauses recorded at the March and April monetary policy meetings.

11:56 CAD: Don't rule out a BoC cut today – ING Today’s Bank of Canada meeting has been a very hard one to call, ING's commodity experts Ewa Manthey and Warren Patterson note.

11:53 OPEC output grows in May – ING ICE Brent hit its highest level since mid-May yesterday, with the front-month contract trading just shy of US$66/bbl. Wildfires in Alberta, Canada, provided a boost to prices. This, at a time when the market is digesting the announced OPEC+ July supply hike.

11:45 Oil: Central bank Gold buying slows in April – ING Central banks added a net 12 tonnes of Gold to global Gold reserves in April, 12% lower than the previous month and below the 12-month average of 28 tonnes, according to the latest data from the World Gold Council.

11:44 EUR/USD: Likely to trade in a range of 1.1360/1.1430 – UOB Group Euro (EUR) is likely to trade in a range of 1.1360/1.1430. In the longer run, EUR outlook is revised to positive; the immediate levels to watch are 1.1495 and 1.1530, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

11:39 EUR: Staying below 1.140 for now – ING As we had anticipated, EUR/USD was looking a bit too expensive close to 1.145, and the bounce below 1.140 is probably due to some short-squeezing, ING's FX analyst Francesco Pesole notes.

11:30 United Kingdom S&P Global Services PMI came in at 50.9, above expectations (50.2) in May United Kingdom S&P Global Services PMI came in at 50.9, above expectations (50.2) in May

11:30 United Kingdom S&P Global Composite PMI registered at 50.3 above expectations (49.4) in May United Kingdom S&P Global Composite PMI registered at 50.3 above expectations (49.4) in May

11:00 Eurozone HCOB Services PMI above expectations (48.9) in May: Actual (49.7) Eurozone HCOB Services PMI above expectations (48.9) in May: Actual (49.7)

11:00 Eurozone HCOB Composite PMI registered at 50.2 above expectations (49.5) in May Eurozone HCOB Composite PMI registered at 50.2 above expectations (49.5) in May

10:59 Forex Today: Markets stabilize ahead of US data, BoC rate decision Here is what you need to know on Wednesday, June 4:

10:55 Germany HCOB Services PMI below expectations (47.2) in May: Actual (47.1) Germany HCOB Services PMI below expectations (47.2) in May: Actual (47.1)

10:55 Germany HCOB Composite PMI came in at 48.5, below expectations (48.6) in May Germany HCOB Composite PMI came in at 48.5, below expectations (48.6) in May

10:50 France HCOB Services PMI above expectations (47.4) in May: Actual (48.9) France HCOB Services PMI above expectations (47.4) in May: Actual (48.9)

10:50 France HCOB Composite PMI came in at 49.3, above forecasts (48) in May France HCOB Composite PMI came in at 49.3, above forecasts (48) in May

10:45 Italy HCOB Services PMI registered at 53.2 above expectations (52.3) in May Italy HCOB Services PMI registered at 53.2 above expectations (52.3) in May

10:32 EUR/USD consolidates below 1.1400 as good US data supports the Dollar EUR/USD is moving lower for the second consecutive day on Wednesday, trading around 1.1380 at the time of writing.

10:16 WTI eases amid a stronger USD, but remains close to $63.00 Oil has been trimming some gains over the last sessions, weighed by a stronger US Dollar, but it remains close to the six-week highs above $63.00 reached on Tuesday.

10:15 Spain HCOB Services PMI came in at 51.3, below expectations (52.9) in May Spain HCOB Services PMI came in at 51.3, below expectations (52.9) in May

10:00 Spain Industrial Output Cal Adjusted (YoY) dipped from previous 1% to 0.6% in April Spain Industrial Output Cal Adjusted (YoY) dipped from previous 1% to 0.6% in April

09:44 US President Trump: Very tough, extremely hard to make a deal with China’s Xi In his latest post on Truth Social, US President Donald Trump said that "I like President Xi of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!"

09:12 USD/CHF holds ground near 0.8250 ahead of Trump tariffs implementation USD/CHF remains stronger for the second successive session, trading around 0.8240 during the Asian hours on Wednesday. The US Dollar continues to gain ground against its peers, potentially due to a technical correction.

09:00 Russia S&P Global Services PMI climbed from previous 50.1 to 52.2 in May Russia S&P Global Services PMI climbed from previous 50.1 to 52.2 in May

08:26 US and Canada trade deal could happen before G7 Summit next week Citing new US Ambassador to Canada Pete Hoekstra, The Toronto Sun reported that a trade deal between the US and Canada could strike any time next week.

07:59 USD/CAD hangs near YTD low; flat lines above 1.3700 ahead of BoC, US macro data The USD/CAD pair extends its sideways consolidative price move through the Asian session on Wednesday and remains close to its lowest level since October 2024 touched earlier this week.

07:37 India Gold price today: Gold rises, according to FXStreet data Gold prices rose in India on Wednesday, according to data compiled by FXStreet.

07:27 Silver Price Forecast: XAG/USD bulls have the upper hand near mid-$34.00s, just below YTD top Silver (XAG/USD) struggles to capitalize on the overnight bounce from sub-$34.00 levels and oscillates in a narrow trading band during the Asian session on Wednesday.

07:24 FX option expiries for Jun 4 NY cut FX option expiries for Jun 4 NY cut at 10:00 Eastern Time vi a DTCC can be found below.

07:05 Gold price trades with positive bias above $3,350, remains close to multi-week top Gold price (XAU/USD) attracts some dip-buyers during the Asian session on Wednesday and reverses a part of the previous day's retracement slide from a nearly four-week top.

06:06 USD/INR softens ahead of Indian/US PMI releases The Indian Rupee (INR) gains ground on Wednesday. The weaker US Dollar (USD) after the downbeat economic data supports the local currency.

05:28 Canadian PM Office: Additional US tariffs on steel, aluminium are ‘unlawful, unjustified’ A statement from the Canadian Prime Minister’s Office was released late Tuesday, stating that “additional US tariffs on Canadian steel and aluminium are ‘unlawful and unjustified’.“

05:19 US FBI Director: China targets our food supply, putting American lives serious risk Federal Bureau of Investigation (FBI) Director Kash Patel confirmed via post on X the arrest of two Chinese nationals charged for smuggling potential bioterror fungus into the US.

04:30 Australia Gross Domestic Product (YoY) below forecasts (1.5%) in 1Q: Actual (1.3%) Australia Gross Domestic Product (YoY) below forecasts (1.5%) in 1Q: Actual (1.3%)

04:30 Australia Gross Domestic Product (QoQ) registered at 0.2%, below expectations (0.4%) in 1Q Australia Gross Domestic Product (QoQ) registered at 0.2%, below expectations (0.4%) in 1Q

04:15 PBOC sets USD/CNY reference rate at 7.1886 vs. 7.1869 previous The People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Wednesday at 7.1886 as compared to the previous day's fix of 7.1869 and 7.1977 Reuters estimate.

03:31 Japan Jibun Bank Services PMI registered at 51 above expectations (50.8) in May Japan Jibun Bank Services PMI registered at 51 above expectations (50.8) in May

03:19 Iran says open to accept nuclear consortium on its soil Iran is open to basing a nuclear deal with the United States (US) around the idea of a regional uranium enrichment consortium based in Iran, Axios reported on Wednesday, citing a senior Iranian official.

02:54 GBP/USD settles into a holding pattern just above 1.3500 GBP/USD trimmed bullish momentum on Tuesday, settling into slim chart churn just north of 1.3500.

02:08 USD/CAD remains on the defensive near 1.3700 ahead of BoC rate decision The USD/CAD pair remains on the defensive around 1.3715 during the early Asian session on Wednesday. The Canadian Dollar (CAD) edges higher against the Greenback as crude oil prices rise.

02:01 Australia S&P Global Services PMI above forecasts (50.5) in May: Actual (50.6) Australia S&P Global Services PMI above forecasts (50.5) in May: Actual (50.6)

02:01 Australia S&P Global Composite PMI fell from previous 50.6 to 50.5 in May Australia S&P Global Composite PMI fell from previous 50.6 to 50.5 in May