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The US Dollar (USD) came under renewed selling pressure at the start of the trading week, dropping to multi-week lows as trade tensions and concerns about the US economy resurfaced.
What to Watch on Tuesday, June 3, 2025:
US: The US Dollar Index (DXY) fell below 99.00, hitting seven-week lows despite slight increases in US yields and renewed risk aversion. Key data releases include JOLTs Job Openings and Factory Orders. Fed speakers Logan and Goolsbee are also scheduled to speak.
Eurozone: EUR/USD surged past 1.1400, driven by the USD’s sharp decline. The preliminary Eurozone Inflation Rate will be the highlight, alongside the bloc’s Unemployment Rate.
UK: GBP/USD climbed to four-day highs near 1.3560 amid USD weakness. The final S&P Global Services PMI is set for release on June 4.
Japan: USD/JPY fell to the mid-142.00s, pressured by a stronger Japanese Yen. The final Jibun Bank Services PMI is due on June 4.
Australia: AUD/USD rallied close to 0.6500, reaching five-day highs. The RBA’s May meeting Minutes, Business Inventories, and Q1 Current Account data are expected.
Commodities: WTI crude oil hit two-week highs near $64.00 after OPEC+ maintained its planned 411 kbpd production increase for July. Gold soared to four-week highs near $3,380 per troy ounce, while silver broke above $34.00 per ounce for the first time since October 2024, fueled by geopolitical and trade uncertainties.
