{"id":66546,"date":"2022-06-04T03:24:38","date_gmt":"2022-06-03T23:24:38","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=66546"},"modified":"2022-06-04T03:26:35","modified_gmt":"2022-06-03T23:26:35","slug":"market-divers-us-session-3-june","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-divers-us-session-3-june\/06\/04\/market-updates\/","title":{"rendered":"Market Divers \u2013 US Session \u2013 3 June"},"content":{"rendered":"\n

US equities finished the last trading session of the week with heavy losses, between 1.05% and 2.47%. Positive US jobs report further cemented the case for a US Federal Reserve rate hike of 50 bps in the June meeting, despite worries that the US central bank could cause a recession.

Economic Data
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The US Nonfarm Payrolls for May, showed that the economy added 390K new jobs, far more than the 318K estimated. Financial analysts\u2019 chatter about the US labor market still supports the view that the US Federal Reserve will tighten aggressively after receiving the green light.

The Institute for Supply Management (ISM) unveiled that the Non-Manufacturing PMI increased by 55.9, lower than the 56.4 expected. It shows businesses\u2019 resilience, after last week\u2019s Q1 GDP contraction of 1.5%, according to the second estimate from the Bureau of Economic Analysis.

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The oil and gas rig count, an early indicator of future output, were flat at 727 in the week to June 3, Baker Hughes Co said in its closely followed report on Friday. The energy services firm said that puts the total rig count up 271, or 59%, over this time last year. US oil rigs were steady at 574 this week, while gas rigs held at their highest since September 2019 at 151. Even though the total rig count has climbed for a record 22 months in a row through May, weekly increases have mostly been in single digits and oil production is still below pre-pandemic levels.<\/p>\n\n\n\n

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Other Developments
<\/strong>
US President Joe Biden ignores Elon Musk\u2019s fears about the US economy by pointing to latest investments made by the electric-carmaker\u2019s competitors. Biden also took an indifferent situation at Musk saying \u201cLots of luck on his trip to the moon\u201d. Biden, on Friday, warmly praised some of Musk\u2019s competitors for expanding their investments in electric vehicles. The president had been asked about Musk after a speech in Delaware touting the solid jobs report released earlier Friday. The Labor Department said that the US economy added 390,000 jobs in May, better than expected, while the unemployment rate held at the low level of 3.6%.

The EUR\/USD remains downward biased, despite the major reaching a fresh weekly high at 1.0787. The Relative Strength Index (RSI), in bullish territory, begins to drift lower. Hence, the EUR\/USD might consolidate between the 1.0627-1.0787 range before resuming downwards.
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May\u2019s US Nonfarm Payrolls crushed expectations and further cemented the case of an aggressive Fed. The USD\/CAD edges up during the New York session, though earlier seesawed between minimal gains\/losses of 0.01-0.03%, but remains above the weekly low of 1.2551, amidst investors\u2019 risk-off mood. At 1.2572, the USD\/CAD remains steady after the Bank of Canada\u2019s (BoC) 50 bps rate hike earlier in the week.<\/p>\n\n\n\n

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Also Read
<\/strong>Biden Ignores Elon Musk\u2019s economic concerns, lauds Ford<\/a><\/p>\n\n\n\n

Baker Hughes: US oil, gas drilling rigs unchanged this week<\/a><\/p>\n\n\n\n

USD\/CHF Advances as bulls eye 20-DMA<\/a><\/p>\n\n\n\n

US Shares slide after robust jobs data, renewed rate concerns<\/a><\/p>\n\n\n\n

USD\/CAD advances firmly towards 1.2600 after US economic data<\/a><\/p>\n\n\n\n

GBP\/USD slides lower after US economic data<\/a><\/p>\n\n\n\n

AUD\/USD above 0.7200, amid stronger US dollar, risk-off<\/a><\/p>\n\n\n\n

EUR\/USD slides, suggesting upward exhaustion<\/a><\/p>\n\n\n\n

Wells Fargo: Improved US labour supply help ease pressure on wages<\/a><\/p>\n\n\n\n

WTI Crude Stabilizes at $117 despite OPEC\u2019s output hike<\/a><\/p>\n\n\n\n

Gold Seeks Next Direction Post NFP Data<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

US equities finished the last trading session of the week with heavy losses, between 1.05% and 2.47%. Positive US jobs report further cemented the case for a US Federal Reserve rate hike of 50 bps in the June meeting, despite worries that the US central bank could cause a recession.Economic DataThe US Nonfarm Payrolls for …<\/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":[37,36],"tags":[7036,6889,6885,9358,7974,7296,7442,6871],"class_list":["post-66546","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-aud","tag-cad","tag-fed","tag-hawkish-stance","tag-musk","tag-tesla","tag-us-shares","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66546","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=66546"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66546\/revisions"}],"predecessor-version":[{"id":66553,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66546\/revisions\/66553"}],"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=66546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=66546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=66546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}