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Forexlive European FX news wrap: Swiss CPI goes negative, Eurozone CPI misses
Forexlive European FX news wrap: Swiss CPI goes negative, Eurozone CPI misses
Forex news from the European morning session on Jun 3, 2025
Session wrap
Wrap Europe
CAD edges lower after another rebound from the upper 1.36s – Scotiabank
CAD edges lower after another rebound from the upper 1.36s – Scotiabank
The Canadian Dollar (CAD) has edged a little lower on the session, in line with its major currency peers. Spot may continue to range trade ahead of Wednesday’s BoC policy decision, Scotiabank's Chief FX Strategist Shaun Osborne notes.
USDCAD
Banks
Canada
Technical Analysis
BOC
USD steadies, undertone remains bearish – Scotiabank
USD steadies, undertone remains bearish – Scotiabank
The US Dollar (USD) is tracking a little higher overall, consolidating the soft tone seen over the past few sessions as the Dollar Index (DXY) losses hold near recent lows, Scotiabank's Chief FX Strategist Shaun Osborne notes.
DollarIndex
Banks
Technical Analysis
Fed
The US tariff spiral keeps turning for Aluminum and Steel – Commerzbank
The US tariff spiral keeps turning for Aluminum and Steel – Commerzbank
US President Trump's announcement last Friday that US tariffs on Steel and Aluminum imports would be increased from 25% to 50% — with the higher tariffs being said to take effect tomorrow — initially caused further uncertainty on the base metal markets, with prices in the US rising sharply, Commerzb
Banks
Commodities
Metals
Copper
Gold flowing back from the United States to Switzerland – Commerzbank
Gold flowing back from the United States to Switzerland – Commerzbank
Another aspect of the Swiss Gold export data is worth mentioning: Gold shipments to the US slumped to 12.7 tons in April, while at the same time 63 tons of Gold were shipped from the US to Switzerland, Commerzbank's FX analyst Michael Pfister notes.
Gold
XAUUSD
Banks
Commodities
Metals
USD/CNH: Likely to trade in a range between 7.1800 and 7.2300 – UOB Group
USD/CNH: Likely to trade in a range between 7.1800 and 7.2300 – UOB Group
US Dollar (USD) is likely to consolidate between 7.1920 and 7.2150. 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
Signs of a pick-up in Chinese Gold demand – Commerzbank
Signs of a pick-up in Chinese Gold demand – Commerzbank
Data published last week by the Swiss customs authority on Gold exports and the Hong Kong Statistics Department on Gold trade between Hong Kong and China point to a revival in demand for Gold in the Middle Kingdom.
Gold
XAUUSD
Banks
Commodities
Metals
After XRP, Ripple’s RLUSD Joins Dubai’s Approved Crypto Tokens Under DFSA
After XRP, Ripple’s RLUSD Joins Dubai’s Approved Crypto Tokens Under DFSA
News Discussion Forum
By Finance Magnates
After XRP, Ripple’s RLUSD Joins Dubai’s Approved Crypto Tokens Under DFSA
Ripple's US dollar stablecoin , RLUSD, is now officially recognized under the crypto token regime of the Dubai Financial Services Authority (DFSA).
XRP
ripple. xrp
XRP News
RLUSD
dfsa
dubai
USD/JPY: 143.85 must be breached for a sustained upside – UOB Group
USD/JPY: 143.85 must be breached for a sustained upside – UOB Group
US Dollar (USD) could decline further; given the deeply oversold momentum against Japanese Yen (JPY), a clear break below 142.10 appears unlikely. In the longer run, for a sustained decline, USD must first close below 142.10, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USDJPY
Technical Analysis
Banks
China: Activity likely resilient in May on tariff rollback – Standard Chartered
China: Activity likely resilient in May on tariff rollback – Standard Chartered
Official manufacturing PMI edged up to 49.5 in May on improved new orders and production. Real activity and export growth likely remained resilient on 2Y CAGR basis, indicating stable momentum.
China
Banks
Manufacturing
Growth
EconomicIndicator
Gold and Silver up significantly – Commerzbank
Gold and Silver up significantly – Commerzbank
The Gold price rose by 2.8% to $3,380 per troy ounce at the start of the week, Commerzbank's FX analyst Michael Pfister notes.
Banks
Metals
Commodities
Gold
Platinum
AUD/USD to test 0.6510 before leveling off – UOB Group
AUD/USD to test 0.6510 before leveling off – UOB Group
Sharp rise appears excessive, but there is room for Australian Dollar (AUD) to test 0.6510 before leveling off. In the longer run, price action suggests AUD could continue to rise and test the significant resistance level at 0.6540, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
AUDUSD
Technical Analysis
Banks
OPEC+ increases Oil production substantially again, but Oil prices rise nonetheless – Commerzbank
OPEC+ increases Oil production substantially again, but Oil prices rise nonetheless – Commerzbank
The eight OPEC+ countries with voluntary production cuts decided at the weekend to increase Oil production by 411 thousand barrels per day in July. This was the third such production increase in a row.
Oil
Banks
OPEC
Energy
Brent
GBP/USD: A sustained advance can be expected above 1.3600 – UOB Group
GBP/USD: A sustained advance can be expected above 1.3600 – UOB Group
Strong momentum suggests further Pound Sterling (GBP) strength against US Dollar (USD), even though it is unclear if this will be sufficient for a break above 1.3600.
GBPUSD
Technical Analysis
Banks
US calls on Vietnam to cut reliance on China in list of trade demands - report
US calls on Vietnam to cut reliance on China in list of trade demands - report
Reuters reports, citing sources familiar with the matter
Politics
EU reportedly says did not get US letter demanding "best offer" on trade talks
EU reportedly says did not get US letter demanding "best offer" on trade talks
Reuters reports, citing a source familiar with the situation
Politics
Is the Fed really to blame for the weak USD? – Commerzbank
Is the Fed really to blame for the weak USD? – Commerzbank
The reason for the significant strengthening of the US Dollar (USD) in September, when Donald Trump's second term in office was approaching, was obvious.
DollarIndex
Banks
Fed
Technical Analysis
BoE’s Dhingra: Supply chain data points more clearly to disinflation than noisy wage data
BoE’s Dhingra: Supply chain data points more clearly to disinflation than noisy wage data
Bank of England (BoE) policymaker Swati Dhingra is testifying on the May Monetary Policy Report (MPR) before the UK Parliament's Treasury Select Committee (TSC) on Tuesday. 
BOE
CentralBanks
GBPUSD
InterestRate
Inflation
Silver price today: Silver falls, according to FXStreet data
Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data.
Silver
Commodities
Metals
Coinbase Knew About the Recently Disclosed Data Leak Since January: Report
Coinbase Knew About the Recently Disclosed Data Leak Since January: Report
News Discussion Forum
By Finance Magnates
Coinbase Knew About the Recently Disclosed Data Leak Since January: Report
Coinbase, which revealed last month that it had suffered a customer data leak, was aware of the breach as early as January, according to a report by Reuters .
coinbase
Bailey speech: Key factors for May rate decision were domestic, not tariffs
Bailey speech: Key factors for May rate decision were domestic, not tariffs
Bank of England (BoE) Governor Andrew Bailey is testifying on the May Monetary Policy Report (MPR) before the UK Parliament's Treasury Select Committee (TSC) on Tuesday. 
BOE
CentralBanks
InterestRate
GBPUSD
BoE’s Mann: Voted to hold rates in May as labor market had not loosened as much I expected in Feb
BoE’s Mann: Voted to hold rates in May as labor market had not loosened as much I expected in Feb
Bank of England (BoE) policymaker Catherine Mann is testifying on the May Monetary Policy Report (MPR) before the UK Parliament's Treasury Select Committee (TSC) on Tuesday. 
BOE
CentralBanks
Intermarket
GBPUSD
Inflation
BoE’s Bredeen: Future policy decisions require certainty that inflation is on track
BoE’s Bredeen: Future policy decisions require certainty that inflation is on track
Bank of England (BoE) Deputy Governor Sarah Breeden is testifying on the May Monetary Policy Report (MPR) before the UK Parliament's Treasury Select Committee (TSC) on Tuesday. 
BOE
CentralBanks
InterestRate
GBPUSD
Why Did Forex Trading Volumes Crash in May 2025?
Why Did Forex Trading Volumes Crash in May 2025?
News Discussion Forum
By Finance Magnates
Why Did Forex Trading Volumes Crash in May 2025?
May was a challenging month for institutional foreign exchange (FX) markets. After a period of relative stability, trading volumes across major platforms, including Cboe, FXSpotStream, TFX, Euronex...
FXSpotStream
Cboe FX
Euronext FX
fastmatch
360t
tfx
Tokyo Financial Exchange
trading volumes
FX Volumes
Gold jumps amid renewed trade concerns – ING
Gold jumps amid renewed trade concerns – ING
Gold prices jumped Monday as renewed trade concerns and heightened geopolitical tensions supported the metal’s haven appeal, ING's commodity experts Ewa Manthey and Warren Patterson note.
Gold
XAUUSD
Commodities
Metals
Banks
AUD/JPY drops to near 92.00 following cautious remarks by RBA’s Hunter
AUD/JPY drops to near 92.00 following cautious remarks by RBA’s Hunter
AUD/JPY depreciated by approximately 0.50%, trading around 92.20 during the European hours on Tuesday. The currency cross loses ground as the Australian Dollar (AUD) falls following the release of the Reserve Bank of Australia’s (RBA) Meeting Minutes.
AUDJPY
Crosses
Macroeconomics
Australia
Japan
EUR/CHF rebounds from 0.9250/0.9210 support zone – Société Générale
EUR/CHF rebounds from 0.9250/0.9210 support zone – Société Générale
EUR/CHF is showing signs of hesitation after rebounding from key support near last year’s lows. While a short-term floor has formed, the pair's inability to reclaim the 200-DMA suggests limited upside traction and leaves the door open to further downside risk, Société Générale's FX analysts note.
Banks
EURCHF
Technical Analysis
BoJ’s Ueda: Many trade negotiations with US still going on, uncertainty remains high
BoJ’s Ueda: Many trade negotiations with US still going on, uncertainty remains high
Bank of Japan (BoJ) Governor Kazuo Ueda is back on the wires, via Reuters, commenitng on the impact of US tariffs on the economic and inflation outlook.
Macroeconomics
BOJ
Japan
CentralBanks
USDJPY
GBP/JPY Price Forecast: Potential double top at the 196.40 area
GBP/JPY Price Forecast: Potential double top at the 196.40 area
The Pound is trading lower for the fourth consecutive day against a stronger Yen, favoured by the frail market sentiment, and hawkish comments by BoJ Governor Ueda, which keep hopes of further rate hikes alive.The BoJ’s chief warned about trade uncertainty but maintained that the bank will continue
GBPJPY
Currencies
Crosses
Technical Analysis
China: May PMIs reminder of high tariffs – ABN AMRO
China: May PMIs reminder of high tariffs – ABN AMRO
Trade war escalation still visible in Caixin’s manufacturing PMI. It's a reminder of much higher US import tariffs despite Geneva-truce. Official composite PMI picks up slightly, ABN AMRO's economist Arjen van Dijkhuizen reports
China
PMI
Manufacturing
Banks
TradeBalance
BoE’s Dhingra: Would have preferred bank rate to have followed a different path
BoE’s Dhingra: Would have preferred bank rate to have followed a different path
Bank of England (BoE) policymaker Swati Dhingra is speaking just ahead of her testimony on the May Monetary Policy Report (MPR) before the UK Parliament's Treasury Select Committee (TSC) on Tuesday. 
BOE
CentralBanks
InterestRate
UnitedKingdom
Macroeconomics
EUR/USD: Outlook is revised to positive – UOB Group
EUR/USD: Outlook is revised to positive – UOB Group
Euro (EUR) is likely to rise further; overbought conditions suggest 1.1495 is out of reach for now. In the longer run, EUR outlook is revised to positive; the immediate levels to watch are 1.1495 and 1.1530, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Technical Analysis
EURUSD
Banks