EUR/USD (Euro/US Dollar) – Buy The EUR/USD pair is gradually rising, attempting to break through the 1.0900 level following the previous day’s upward momentum. As the week concludes, attention shifts to macroeconomic data from both the US and the Eurozone. Notably, the US May employment report is set to be released at 14:30 (GMT+2), with non-farm payrolls expected to increase from 175,000 to 185,000. Eurozone Q1 GDP data is anticipated to show 0.4% year-on-year growth and 0.3% quarter-on-quarter growth. Germany’s April industrial production fell short of expectations, decreasing by 0.1% month-on-month. The ECB announced a 25 basis points rate cut but signaled caution towards further monetary easing.
GBP/USD (British Pound/US Dollar) – Strong Buy The GBP/USD pair is attempting to break out at 1.2720, awaiting new drivers. Focus remains on the US May employment report, with non-farm payrolls forecasted to rise to 185,000 and average hourly earnings expected to stay at 0.3% month-on-month and 3.9% year-on-year. In the UK, consumer credit is expected to decline, while mortgage approvals are set to increase slightly. The Bank of England (BoE) meeting is scheduled for June 20, with an interest rate cut anticipated.
AUD/USD (Australian Dollar/US Dollar) – Strong Sell The AUD/USD pair is attempting to break through 0.6675. China’s trade statistics showed increased exports and a wider trade surplus. The US May employment report is forecasted to show an increase of 185,000 in non-farm payrolls. Australia’s trade statistics revealed decreased exports and imports, but the trade surplus widened.
USD/JPY (US Dollar/Japanese Yen) – Buy The USD/JPY pair is attempting to break out at 155.60. Focus is on the US May employment report, with non-farm payrolls expected to rise to 185,000 and average hourly earnings to remain at 0.3% month-on-month and 3.9% year-on-year. Japan’s April household consumption increased by 0.5% but fell short of expectations. Leading economic indicators declined, while the coincident index rose.
XAU/USD (Gold/US Dollar) – Strong Sell The XAU/USD pair is attempting to break through 2390.00, building on short-term upward momentum. Rate cuts by the Bank of Canada and the ECB are supporting gold prices. Geopolitical tensions in the Middle East and Taiwan are also driving demand for gold.
