Key Points:
• Job numbers boost USD
• Activity in May in focus
• Investor confidence to drop in Europe?
Recap:
The USD staged a comeback on Friday after nonfarm payrolls showed that 339,000 jobs were added in May, surpassing the expected number of 195,000. Wages did slip and the unemployment rate rose to 3.7% but nonetheless the big deviation on the payroll print added to the stronger ADP and JOLTs job numbers earlier this week.
Markets
US treasury yields have continued to rise following on from Friday’s job numbers, causing USD to be in demand and thus GBPUSD and EURUSD to be lower on the open. Services PMI numbers from the UK, EU, and US will be in focus today, and to see continued gains on the USD we’ll need to see a surprise upside on services numbers, and for continued weakness on the EUR, we’ll need to see a miss on the services numbers. Also out today will be investor confidence from Europe and ECB members Lagarde and Nagel will be speaking.
Equals Market Analysis– 05th June 2023
Today’s Market Rates
Today’s Interbank Rates at 09:47 am against GBP movement.
GBP>EUR – 1.1598
GBP>USD – 1.2400
EUR>USD – 1.0693
GBP>CAD – 1.6656
GBP>AUD – 1.8800
GBP>SEK – 13.474
GBP>AED – 4.5533
GBP>HKD – 9.7160
GBP>ZAR – 24.093
GBP>CHF – 1.1294
Today’s Speeches
• EUR – ECB Lagarde and Nagel
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