Forex Today: US Dollar gains ground after strong Manufacturing data as US-Iran tensions persist
The US Dollar Index (DXY) rises toward the 99.20 region on Monday after stronger-than-expected US manufacturing data reinforced confidence in the resilience of the United States (US) economy.

Here is what you need to know for Tuesday, June 2:

The US Dollar Index (DXY) rises toward the 99.20 region on Monday after stronger-than-expected US manufacturing data reinforced confidence in the resilience of the United States (US) economy.

The ISM Manufacturing PMI rose to 54 in May from 52.7, beating expectations of 53, while the Employment Index improved to 48.6. Meanwhile, investors continued monitoring developments in the Middle East after Iran halted message exchanges with the United States, although sentiment improved later after President Donald Trump stated that there would be no troops sent to Beirut and that Hezbollah had agreed to stop all shooting.

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.

USD EUR GBP JPY CAD AUD NZD CHF
USD 0.22% -0.06% 0.27% 0.28% 0.29% 0.88% 0.71%
EUR -0.22% -0.27% 0.00% 0.07% 0.13% 0.68% 0.48%
GBP 0.06% 0.27% 0.30% 0.34% 0.32% 0.90% 0.74%
JPY -0.27% 0.00% -0.30% 0.04% 0.05% 0.65% 0.45%
CAD -0.28% -0.07% -0.34% -0.04% 0.00% 0.59% 0.41%
AUD -0.29% -0.13% -0.32% -0.05% 0.00% 0.53% 0.39%
NZD -0.88% -0.68% -0.90% -0.65% -0.59% -0.53% -0.18%
CHF -0.71% -0.48% -0.74% -0.45% -0.41% -0.39% 0.18%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

EUR/USD stumbles near the 1.1630 area, pressured by broad US Dollar strength following the upbeat ISM report. The pair struggles to gain traction as markets focus on resilient US economic data.

GBP/USD trades muted near 1.3460 as the Greenback weakens after its early rally. The pair remains under pressure despite relatively stable risk sentiment.

USD/JPY advances toward the 159.70 zone as higher US yields and stronger US economic data support the pair. The pair is close to intervention levels, so investors will watch any Japanese reaction when the Asian session opens.

AUD/USD declines toward the 0.7160 region as the stronger US Dollar and cautious market sentiment weigh on the Australian Dollar (AUD).

West Texas Intermediate (WTI) Oil trades near $92.40 per barrel after volatile headlines surrounding the Middle East. Prices initially found support after Iran suspended message exchanges with the US, but gains were limited after Trump stated he was not worried about Oil prices even if Iran were to block the Strait of Hormuz and indicated that tensions in Lebanon may ease.

Gold (XAU/USD) fell near the $4,480 region, even amid geopolitical uncertainty, as markets choose to back the stronger US Dollar and rising Treasury yields following the upbeat ISM Manufacturing report.

What’s next in the docket:

Tuesday, June 2:

  • Eurozone CPI
  • US JOLTS Job Openings
  • NZ Building Permits
  • AU AiG Industry Index
  • AU PMI
  • AU Q1 GDP
  • China Caixin Services PMI

Wednesday, June 3:

  • Spain Services PMI
  • Germany PMI
  • Eurozone PMI
  • Eurozone PPI
  • US ADP Employment Change 4-week average
  • US PMI
  • US Factory Orders
  • AU Trade Balance

Thursday, June 4:

  • CH CPI
  • Eurozone Retail Sales
  • US Challenger Job Cuts
  • US Initial Jobless Claims
  • US Nonfarm Productivity
  • US Unit Labor Costs
  • JP Labor Cash Earnings

Friday, June 5:

  • Eurozone GDP
  • Eurozone Employment Change
  • CA Employment Report
  • CA Average Hourly Wages
  • CA Unemployment Rate
  • US Nonfarm Payrolls
  • US Unemployment Rate
  • US Average Hourly Earnings
  • US Labor Force Participation Rate
  • CA Ivey PMI

WTI Oil FAQs

WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.

Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.

The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.

OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.

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GIÁ TRỰC TIẾP

Tên / Ký hiệu
Biểu đồ
% Thay đổi / Giá
XBRUSD
Thay đổi 1 ngày
+0%
0
XTIUSD
Thay đổi 1 ngày
+0%
0
XAUUSD
Thay đổi 1 ngày
+0%
0

TẤT CẢ VỀ OIL

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