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US ISM Services PMI drops to 49.9 in May vs. 52 expected
The business activity in the US service sector contracted slightly in May, with the Institute for Supply Management's (ISM) Services Purchasing Managers Index (PMI) dropping to 49.9 from 51.6 in April. This reading came in below the market expectation of 52.
UnitedStates
PMI
Macroeconomics
EconomicIndicator
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May US ISM services 49.9 vs 52.0 expected
The ISM services index for May 2025
USD
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US April S&P Global final services PMI 53.7 vs 52.3 prelim
The final services and composite PMI from S&P Global for May 2025
USD
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Fxstreet
Global PMIs: Front-loaded factory output unwinds – Standard Chartered
Manufacturing PMIs deteriorated at a faster rate in May versus April amid fading boost from front-loading. Coincident indicators were downbeat, but the US-China tariff truce helped to improve outlook.
PMI
Banks
Manufacturing
China
Growth
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USTR Greer says he's pleased that negotiations are advancing quickly with EU
Comments from Greer
EUR
USD
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Canada May S&P Global services PMI 45.5 vs 41.5 prior
Canada service sector survey from S&P Global for May 2025
CAD
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Fxstreet
Indian Rupee weakens for the second day as PMI disappoints, focus shifts to US data
The Indian Rupee (INR) weakens against the US Dollar (USD) for the second straight day on Wednesday, as a firmer Greenback and disappointing Indian PMI figures weigh on sentiment.
USDINR
PMI
India
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Canada Q1 labor productivity +0.2% vs +0.6% prior
Canadian productivity data
CAD
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Fxstreet
US Pres. Trump: Powell must now lower the rate
In a post published on Truth Social on Wednesday, United States President Donald Trump called upon Federal Reserve (Fed) Chairman Jerome Powell to lower the policy rate.
UnitedStates
Macroeconomics
Fed
CentralBanks
InterestRate
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Trump weighs in on the ADP number, says Powell should cut rates
Is it a weak economy or not?
USD
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Fxstreet
Breaking: Private sector employment in US rises 37,000 in May vs. 115,000 forecast
Private sector employment in the US rose by 37,000 in May and annual pay was up 4.5% year-over-year, the Automatic Data Processing (ADP) reported on Wednesday.
Breaking
Employment
EconomicIndicator
UnitedStates
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ADP May employment +37K vs +110K prior
Weak reading for the May survey of jobs from ADP
USD
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ADP US employment coming up next. What to watch for.
Time to dig into the jobs data
USD
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Forex Live
ForexLive European FX news wrap: Light changes as markets wait on trade developments
Forex news from the European morning session on Jun 4, 2025
Session wrap
Wrap Europe
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Fxstreet
US Dollar Index (DXY) stalls above 99.00 as JOLTS jobs optimism fades
The US Dollar Index (DXY) nudges lower on Wednesday, following a sharp rebound on Tuesday.
DollarIndex
Currencies
Employment
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Fxstreet
JPY: Media report of BoJ equivocation on policy normalization – Scotiabank
The Japanese Yen (JPY) is weak, down 0.2% against the US Dollar (USD) and underperforming all of the G10 currencies with all other major currency peers showing modest gains (vs. USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.
USDJPY
BOJ
Japan
Banks
Technical Analysis
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GBP is trading quietly on the day – Scotiabank
Pound Sterling (GBP) is also trading in a tight range, entering Wednesday’s NA session with a minor gain vs. the US Dollar (USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.
GBPUSD
Banks
Technical Analysis
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Fxstreet
EUR flat vs. USD following modest improvement in PMI’s – Scotiabank
The Euro (EUR) is entering Wednesday’s NA session unchanged against the US Dollar (USD), quietly consolidating in a tight range just below 1.14, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Banks
EURUSD
Technical Analysis
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Fxstreet
CAD little changed ahead of BoC policy decision – Scotiabank
USD/CAD is essentially flat as markets await the BoC policy decision. The economists’ consensus has swung to no change after anticipating a 25bps cut until late last week, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Banks
USDCAD
BOC
Technical Analysis
Canada
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Fxstreet
USD little changed as markets mull tariffs – Scotiabank
The USD is trading steady to a little softer overall in quiet trade. Global stocks are firmer while bonds are little changed in rather quiet trading, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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Banks
Technical Analysis
Fed
US Elections
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British Pound recovers ground amid soft USD, upbeat PMI, and tariff reprieve
The British Pound (GBP) edges higher against the US Dollar (USD) on Wednesday, paring Tuesday’s losses as the Greenback softens slightly ahead of key US labor market data.
GBPUSD
PMI
TradeWar
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Watch out for these two key macro risks ahead
The current expectations see global growth improving and disinflation remaining on track. Changes in these expectations will move the markets a lot.
market overview
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EU's Sefcovic: Constructive discussion with Greer, we are advancing in right direction
Comments from the EU's Trade Commissioner
EUR
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US MBA mortgage applications w.e. 30 May -3.9% vs -1.2% prior
Latest data from the Mortgage Bankers Association for the week ending 30 May 2025
USD
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Australia: Soft 1Q25 GDP reinforces expectations for further easing by RBA – UOB Group
Australia’s GDP posted a 0.2% q/q rise in 1Q25, lower than consensus expectations for a 0.4% q/q print, and growth pace of 0.6% q/q in 4Q24. It was also weaker than the RBA’s May Statement on Monetary Policy forecast of 0.4%.
Banks
Australia
GDP
RBA
Growth
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CAD: Slight tendency towards unchanged interest rates – Commerzbank
Today's decision by the Bank of Canada (BoC) promises to be very exciting. Whether the Bank of Canada will cut interest rates again or wait until its next meeting at the end of July is not a foregone conclusion, Commerzbank's commodity analyst Carsten Fritsch notes.
Banks
USDCAD
BOC
Canada
Technical Analysis
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USD/CNH: Likely to trade between 7.1850 and 7.2050 – UOB Group
US Dollar (USD) is likely to trade between 7.1850 and 7.2050 against Chinese Yuan (CNH). In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Banks
Technical Analysis
USDCNH
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USD/JPY hesitates at 144.00 with markets awaiting US data
The US Dollar’s recovery from Monday’s lows has lost steam during Wednesday’s European trading session.
USDJPY
Currencies
Majors
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What to make of the USD recovery? – Commerzbank
After reaching its highest level since April at the beginning of the week, EUR/USD fell again yesterday. Some market voices attribute the US dollar's recovery to the upcoming US labour market data.
Banks
DollarIndex
EURUSD
Fed
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Fxstreet
Silver Price Forecast: XAG/USD resumes gains with $34.80 on focus
Silver prices (XAG/USD) correction from year-to-date highs below $35.00 has been limited at the $34.00 area, and the precious metal bounced up again to consolidate at the $34.50 area on Wednesday, with the 34.80 high at a short distance.Bears have been contained well above a previous resistance area
XAGUSD
Silver
Commodities
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BoC decision in focus amid split market views on rate cut – Danske Bank
All eyes are on the Bank of Canada today, with markets divided over whether a rate cut is imminent. While a hold is our base case, uncertainty remains high amid weakening data and global trade headwinds.
Banks
BOC
USDCAD
CentralBanks
InterestRate
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Interest rate expectations remain largely the same amid lack of changes in macro picture
It's been one of the longest consolidations in a while as the lack of key macro developments keeps traders waiting for something new
market overview
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Fxstreet
USD/JPY: Likely to trade in a higher range of 143.30/144.30 – UOB Group
Any further rebound is likely part of a higher range of 143.30/144.30 instead of a sustained advance. In the longer run, price action suggests that USD is still trading in a range, most likely between 142.10 and 145.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USDJPY
Technical Analysis
Banks
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Fxstreet
USD rebounds as risk appetite improves – Danske Bank
The US Dollar (USD) caught a bid across G10 FX yesterday as safe-haven flows took a breather amid improved risk sentiment, with the JPY, CHF, and particularly gold weakening, Danske Bank's FX analysts report.
DollarIndex
Banks
EURUSD
Currencies
ECB
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Fxstreet
EU’s Sefcovic: Had constructive talks with USTR Greer
European Union (EU) Trade Commissioner Maros Sefcovic said on Wednesday that he “had constructive talks with US Trade Representative (USTR) Jamieson Greer.”
EURUSD
Eurozone
TradeWar
UnitedStates
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Fxstreet
Silver price today: Silver broadly unchanged, according to FXStreet data
Silver prices (XAG/USD) broadly unchanged on Wednesday, according to FXStreet data.
Silver
Commodities
Metals
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Fxstreet
USD/CAD breaks below 200-DMA, downtrend persists – Société Générale
USD/CAD continues its descent after slipping below the 200-DMA, now hovering near a long-term trend line. While momentum indicators show some signs of stabilization, the technical outlook remains fragile without a clear bounce, Société Générale's FX analysts note.
USDCAD
Banks
Technical Analysis
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EU trade commissioner Šefčovič says had constructive talks with US trade rep Greer
Remarks by EU trade commissioner, Maroš Šefčovič
Politics
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Fxstreet
NZD/USD: Likely to consolidate between 0.5985 and 0.6030 – UOB Group
New Zealand Dollar (NZD) is likely to consolidate between 0.5985 and 0.6030. In the longer run, rapid buildup in upward momentum indicates further NZD strength; the level to monitor is 0.6095, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
NZDUSD
Technical Analysis
Banks
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Fxstreet
USD/CAD Price Forecast: Falls to near 1.3700, eight-week lows
The USD/CAD pair is retracing its recent gains registered in the previous session, trading around 1.3710 during the European hours on Wednesday. The daily chart's technical analysis suggested a persistent bearish sentiment, as the pair consolidates within the descending channel pattern.
USDCAD
Technical Analysis
Majors
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