{"id":66486,"date":"2022-06-03T02:31:22","date_gmt":"2022-06-02T22:31:22","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=66486"},"modified":"2022-06-03T02:33:43","modified_gmt":"2022-06-02T22:33:43","slug":"market-drivers-us-session-2-june","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-2-june\/06\/03\/market-updates\/","title":{"rendered":"Market drivers \u2013 US Session \u2013 2 June"},"content":{"rendered":"\n<p>US equities edged higher, even despite comments by Fed Vice-Chair Lael Brainard said that the central bank would hardly pause its current rate-hiking cycle amid record inflation levels. Cleveland Loretta Mester said that inflation has not yet peaked and that it\u2019s too early to discuss a potential pause in the tightening path.<br><br>The US dollar changed course on Thursday and gave up all Wednesday\u2019s gains and more. Easing government bond yields and lukewarm US employment-related data have put further pressure on the American dollar, later weighed by the positive tone at Wall Street.<br><br><strong>Economic Data:<\/strong><br><br>Concerns related to economic growth, likely recession and inflation remain as since the beginning of the week, furthermore after the EU Producer Price Index hit 37.2% in April, above the market\u2019s expectations. Government bonds were up, with yields giving up some of their latest gains.<br><br>Private sector employment in the US rose by 128,000 in May according to US payroll company ADP&#8217;s latest estimate of employment change released on Thursday. That was below expectations for 300,000 rise and lower than April&#8217;s 247,000 gain. <br><br><strong>Other Developments<br><\/strong><br>The EUR\/USD pair trades near 1.0750, and not far from its weekly high at 1.0786. The GBP\/USD pair is also up, trading at around 1.2560. Commodity-linked currencies soared. The AUD\/USD pair is now hovering at around 0.7250, while USD\/CAD trades at around 1.2570.<br><br>Gold soared, trading at its highest in near a month. It is currently changing hands at around $1,870 a troy ounce. Crude oil prices were also up, with WTI trading at $117.10 a barrel. The OPEC+ announce it would increase production by 648,000 barrels per day in July and August amid disruptions caused by Russia\u2019s invasion of Ukraine.<br><br><strong>Also Read<br><\/strong><a href=\"https:\/\/noortrends.ae\/en\/wti-crude-rallies-over-2-on-declining-us-inventories\/06\/03\/market-updates\/\">WTI crude rallies over 2% on declining US inventories<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/noortrends.ae\/en\/gbp-usd-lower-ahead-of-nfp-data\/06\/03\/market-updates\/\">GBP\/USD Lower Ahead Of NFP Data<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/noortrends.ae\/en\/microsoft-cuts-earnings-and-revenue-guidance-citing-stronger-usd\/06\/02\/market-updates\/\">Microsoft Cuts Earnings, Revenue Guidance, Citing Stronger USD<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/noortrends.ae\/en\/growth-stocks-push-wall-street-higher-in-choppy-trade-eyeing-nfp-data\/06\/02\/market-updates\/\">Growth stocks push Wall Street higher in choppy trade; eyeing NFP data<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/noortrends.ae\/en\/could-nfp-data-rock-the-us-dollar\/06\/02\/market-updates\/\">Could NFP Data Rock The US Dollar?<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/noortrends.ae\/en\/feds-brainard-number-one-challenge-is-getting-inflation-down\/06\/02\/market-updates\/\">Fed\u2019s Brainard: Number One challenge is getting inflation down<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/noortrends.ae\/en\/bocs-beaudry-boc-might-need-to-take-rates-to-3-0-or-higher\/06\/02\/market-updates\/\">BoC\u2019s Beaudry: BoC might need to take rates to 3.0% or higher<\/a><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US equities edged higher, even despite comments by Fed Vice-Chair Lael Brainard said that the central bank would hardly pause its current rate-hiking cycle amid record inflation levels. Cleveland Loretta Mester said that inflation has not yet peaked and that it\u2019s too early to discuss a potential pause in the tightening path.The US dollar changed &hellip;<\/p>\n","protected":false},"author":13,"featured_media":52794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,39,36],"tags":[7075,6885,6892,6846,7004,6871,6909],"class_list":["post-66486","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-global-stock-markets","category-market-updates","tag-adp","tag-fed","tag-nfp","tag-oil","tag-opec-2","tag-usd","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=66486"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66486\/revisions"}],"predecessor-version":[{"id":66492,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66486\/revisions\/66492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52794"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=66486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=66486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=66486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}