Market Drivers; US Session, June 3

The New York Stock Exchange said Monday that a technical issue that halted trading for some major stocks and caused Berkshire Hathaway to be down 99.97% has been resolved. In an update, NYSE said impacted stocks have reopened and “all systems are currently operational.” Inter-continental Exchange, the parent company of NYSE, has found no indication the glitch was caused by a cyberattack.

Eventful Week Ahead

At the start of a week dominated by the ECB event and US Nonfarm Payrolls, the lack of momentum around the US manufacturing sector prompted a wider decline in the US dollar and supported further the recovery of the risk-associated assets.

Forex Space Developments

The USD Index (DXY) had a significant decline and briefly approached three-week lows in the vicinity of 104.00. On June 4, the RCM/TIPP Economic Optimism Index, JOLTs Job Openings, and Factory Orders took central stage.

In the wake of widespread Dollar weakening, the EUR/USD approached the crucial 1.0900 barrier and rose for the third straight session. The main topics of discussion on the domestic docket on June 4 will be the release of Germany’s employment market report and the European Monetary Union’s Consumer Inflation Expectations.

On Monday, GBP/USD increased to within a few pip’s of the multi-week highs, or the crucial 1.2800 hurdle. On June 4, the BRC Retail Sales Monitor is anticipated throughout the Channel.

At the start of the week, USD/JPY dropped to multi-session lows in the sub-156.00 range due to the declining US rates and weakening US dollar. A JGB 10-year Auction is only due in Japan on June 4.

The AUD/USD pair advanced to the vicinity of the 0.6700 mark due to growing selling pressure on the Greenback. Final Retail Sales, Current Account, and Business Inventories are all due in Oz on June 4.

Commodities

As traders processed the gloomy tone from the OPEC+ meeting on Sunday, WTI prices fell for the third straight week and dipped below the $77.00 barrier per barrel on Monday.

The sharp decline in the US yield curve and the big sell-off in the dollar drove gold prices higher, reaching the $2,350 zone. By the same token, Silver did the same, turning around three losses in a row.

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