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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Decision Analysis]: Exchange rates are difficult to fall below the main trend line before the release of key data." Hope it will be helpful to you! The original content is as follows:
XM Foreign Exchange APP News - On Tuesday (June 3), on the European session, the US dollar against the Canadian dollar is in a relatively strong state in the short term, but has not yet reached the extreme of overbought. The fluctuating upward trend of prices shows that the bulls have a certain advantage, but there is still a game between the bulls and bears. Fundamental Overview The U.S. dollar is currently on a weak spot due to the exhaustion of hawkish support from expectations of rate hikes a few weeks ago. The market is currently in line with the Fed's benchmark expectations for two interest rate cuts in 2025, and we may need strong U.S. data to rule out the remaining interest rate cut expectations and push the dollar to strengthen. The current data is performing well, but it is not strong enough to allow the market to rule out the expectations of two interest rate cuts before the end of the year. The next key data include tomorrow’s payable price index in the ISM service industry PMI, Thursday’s number of initial jobless claims in the U.S., Friday’s non-farm employment report, and next week’s consumer price index (CPI). On the Canadian side, Canada's potential inflation rate has continued to rise since December last year, with the recent data far higher than expected, and the core inflation rate (excluding the average) rebounding to more than 3%. This has triggered a more hawkish pricing of the market's expectations of interest rate hikes, and the market currently expects only the last rate cut in 2025. This week we will usher in the Bank of Canada's interest rate resolution, and the market generally expects the central bank to keep interest rates unchanged.
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