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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange]: Oil prices climbed to a two-week high, the US dollar strengthened and suppressed, gold prices fell after hitting four-week highs, and geopolitical tensions boosted." Hope it will be helpful to you! The original content is as follows:
On Wednesday (June 4, Beijing time), spot gold trading was around 3357.20. Gold fell nearly 1% on Tuesday after hitting a nearly four-week high. It was suppressed by the strengthening of the US dollar. Investors are also paying attention to the US non-farm employment data on Friday and speeches by several Federal Reserve officials to find clues to interest rate policy; U.S. crude oil trading was around 63.37 US dollars per barrel, and oil prices climbed to a two-week high on Tuesday, as the ongoing geopolitical tensions between Russia and Ukraine, the United States and Iran seem to be sanctions against OPEC+ member states Russia and Iran for a longer period of time.
Major U.S. stock indexes closed higher on Tuesday, with rising Nvidia and other chipmakers bringing a boost, and investors awaiting possible negotiations between the U.S. and its trading partners for more vifu.netrmation on Washington's tariff plans.
According to a draft letter to negotiating partners seen by Reuters, the Trump administration hopes countries will vifu.nete up with the best plans for trade negotiations by Wednesday, with U.S. officials trying to speed up negotiations with multiple trading partners before the end of their own five-week suspension period. Chris Zaccarelli, chief investment officer at Northlight Asset Management, said: "The most important thing for investors is that the U.S. government will not impose these far-expected tariffs, and will not retain them, which will almost certainly lead to a recession. In fact, the U.S. is actively engaging with many trading partners such as the United Kingdom, Japan, and the European Union. This allows investors to avoid recession.Feel more optimistic. "
As Trump's tough trade stance softened, the indicator S&P 500 and the Nasdaq Index, the tech-heavy Nasdaq, hit its biggest monthly percentage gain since November 2023 in May.
The Dow Jones Industrial Average rose 0.51% to 42,519.64 points; the S&P 500 rose 0.58% to 5,970.37 points; and the Nasdaq rose 0.81% to 19,398.96 points. The vifu.netrmation technology sector rose 1.5%, helped by Nvidia climbing 2.9%. Chip maker Broadcom rose 3.2%, a record high after it said it had begun delivering the latest vifu.network chips designed to accelerate artificial intelligence (AI).
The U.S. Department of Labor’s report shows that job openings increased in April, but layoffs also increased, suggesting that the labor market is slowing as tariffs have an impact on the economic outlook.
Factory orders fell sharply in April, and the boost from early procurement to avoid tariffs faded. Data from the U.S. Department of vifu.netmerce’s Economic Analysis Bureau showed that factory orders fell by 3.7% in April.
Monthly employment data to be released on Friday will provide more clues about how trade uncertainty affects the world’s largest economy.
Wells Fargo rose after the Fed announced that the bank would no longer have to operate at the $1.95 trillion asset cap. The regulator imposed a 2018 record after a long-standing sales scandal. Added that cap. Wells Fargo closed up 1.2% on Tuesday and rose 2% after the session. Gold market fell nearly 1% on Tuesday after hitting a nearly four-week high, and spot gold fell 0.9% to $3,352.30 an ounce, earlier in the session, hitting its highest since May 8. U.S. gold futures closed down 0.6% to $3,377.10 an ounce.
The dollar rose 0.5% from its more than one-month low hit earlier in the session, increasing the cost of foreign buyers to buy gold. David Meger, head of metal trading at HighRidge Futures, said we are entering the well-known summer low Investors are also watching Friday’s U.S. non-farm jobs data and speeches from multiple Federal Reserve officials to look for clues to interest rate policy.
U.S. data released on Tuesday showed that job openings increased in April, but the number of layoffs rose, suggests that the labor market is cooling amid growing tariffs.
Spot silver fell 0.8% to $34.51 an ounce, but in the last tradeHovering around the seven-month high that the day hits. Platinum rose 0.9% to $1,073.14 per ounce; palladium rose 2.1% to $1,009.83. Oil market
Oil prices climbed about 2% on Tuesday to a two-week high as ongoing geopolitical tensions between Russia and Ukraine, the United States and Iran appear to keep sanctions against OPEC+ members Russia and Iran longer.
Brent crude oil futures rose 1.5% to close at $65.63 per barrel; U.S. crude oil rose 1.4% to close at $63.41.
Analysts at energy consulting firm Ritterbuschand Associates noted in a report that the risk premium rose this week as the prospects for the Russian/Ukrainian ceasefire and the Iran nuclear deal now appear to have been postponed for weeks or even months.
Russia said the effort to reach a resolution to end the Ukrainian war is extremely vifu.netplex and it would be wrong to expect any decision to be made soon, but Russia is waiting for Ukraine to react to its proposal.
At the same time, OPEC member Iran will reject the U.S. nuclear deal proposal, which will be key to easing sanctions on the major oil-producing country.
U.S. energy data shows that in 2024, Iran is OPEC's third largest crude oil producer, second only to Saudi Arabia and Iraq.
In Canada, according to Reuters' calculations, wildfires in Alberta have affected more than 344,000 barrels of oil sands per day, accounting for about 7% of the country's total crude oil production.
In Europe, inflation in the euro zone fell below the ECB target last month due to unexpectedly modest service costs, supporting expectations of further policy easing, even as global trade tensions exacerbate long-term price pressures.
The U.S. job vacancies increased in April, but layoffs hit the biggest increase in nine months, suggesting that labor market conditions are weakening amid the bleak economic outlook due to tariffs.
Analysts predicted that energy vifu.netpanies pulled about 1 million barrels of crude oil from U.S. stocks fell for the second consecutive week. The American Petroleum Association (API) and the Energy vifu.netrmation Administration (EIA) released U.S. oil inventory data on Tuesdays and Wednesdays respectively.
The dollar rose on Tuesday, rebounding against the euro from a six-week low, although investors remained worried that the trade war launched by the Trump administration could damage the economy.
Marc Chandler, chief market strategist at BannockburnGlobalForexLLC, said the dollar fell sharply and rebounded slightly today. I don’t think there is much new news at the moment that the dollar has seen any meaningful shifts, and I think the rebound is still quite limited.
The US dollar was 144.00 yen against the Japanese yen, up 0.9%. Euro vs. USDIt fell 0.6% to $1.1371, after briefly hitting a six-week high of $1.1454. Earlier data showed that inflation in the euro zone slowed down, below the 2% target set by the ECB, supporting expectations for a rate cut later this week. The dollar has fallen by about 9% against the euro this year.
Although global stock markets have rebounded across the board from the sharp drop in early April under the influence of Trump's repeated tariff threats, the dollar exchange rate is still under pressure.
As the U.S. tariffs on imported steel and aluminum will double to 50% starting Wednesday, the Trump administration hopes countries will submit their best proposals in trade negotiations.
Tues on Tuesday showed that job openings in the U.S. increased in April, but layoffs rebounded, consistent with a trend of bleak economic outlook and a slowdown in the labor market.
Fed officials again advocated caution on Tuesday for monetary policy as Trump's trade war continues to inject a lot of uncertainty and risks of economic weakness into the economic outlook.
Financial concerns have also triggered a widespread "selling the United States" theme, with dollar assets falling in recent months, from stocks to government bonds.
This week, these concerns became the focus as the Senate began considering the government’s tax cuts and spending bill, which is estimated to increase the federal government’s $3.8 trillion in debt over the next decade. Despite this, traders in the forex options market believe the dollar will weaken further.
The pound fell 0.2% to $1.3519 on Tuesday, after which several policymakers of the Bank of England will speak and the UK government will also sell long-term bonds, which may help judge investors' confidence in the UK's fiscal.
On June 3 local time, the White House submitted an application to Congress on the same day, demanding the recovery of the approved $9.4 billion in spending, most of which is used for foreign aid. U.S. House Speaker Mike Johnson said that he had officially received an application from the White House to recover a total of $9.4 billion in wasted foreign aid spending for the United States Agency for International Development, the American Public Broadcasting Corporation, etc. Mike Johnson said the House will act quickly. It is reported that after the plan is submitted, Congress will have 45 days to process it. According to a previous report by the US political news website "Politico", two Republicans revealed that the proposal, known as the "rescissionsbill", is the first spending cut plan of the Trump administration, and is the result of a long internal game around how to formally promote the reduction measures of the "District of Government Efficiency".
On June 3 local time, the White House issued a statement saying that US President Trump announced that tariffs on imported steel and aluminum and their derivatives would be increased from 25% to 50%. The tariff policy is from the United StatesEffective from 00:01 am on June 4, 2025. The statement said that tariffs on steel and aluminum imported from the United States will remain at 25%. Starting from July 9, 2025, the United States may adjust the applicable tariff rates in accordance with the terms of the Environmental Policy Statement and formulate import quotas for steel and aluminum. If the UK is deemed to be in vifu.netpliance with the relevant provisions of the Environmental Policy Statement, the applicable tariff rate can be increased to 50%. On May 30 local time, US President Trump said at a rally in Pennsylvania that he would raise tariffs on imported steel from 25% to 50%. Subsequently, Trump posted on social media platforms that the decision will take effect from June 4.
At around 5:03 local time on June 4, local time, the vote counting work for the 21st presidential election in South Korea was over. According to the vote counting results, the vote rate of the joint Democratic Party candidate Lee Jae-ming won 49.42%, the vote rate of the Kuomintang candidate Kim Moon-soo won 41.15%, and the vote rate of the reform new party candidate Lee Junxi won 8.34%.
According to the New York Times, the Trump administration is proposing a deal to allow Iran to continue to enrich low-concentration uranium, while the United States and other countries will formulate more detailed plans to prevent Iran from developing nuclear weapons while allowing it to obtain nuclear fuel for new nuclear power plants. The proposal is a bridge between the coronavirus and the U.S. goal, where Iran is rapidly producing enriched uranium close to the weapon level, while the U.S. aims to not carry out uranium enrichment activities at its homeland. Under the proposal, the United States will assist Iran in building nuclear power plants and negotiate the construction of a consortium vifu.netposed of regional countries to manage the construction of a concentration facility. Once Iran gains any benefit from these vifu.netmitments, all uranium enrichment activities carried out in the country must be stopped. European officials described the outline of the potential agreement, which was submitted to Iran over the weekend. Iranian officials said they would respond in a few days.
The number of job vacancy in the United States unexpectedly increased significantly, and recruitment activities also accelerated, indicating that despite the intensified economic uncertainty, employment demand remains stable. Job vacancies rose to 7.39 million in April from 7.2 million revised in March, higher than the median expected value of 7.1 million economists surveyed, according to data released on Tuesday by the Bureau of Labor Statistics. The growth of job openings mainly vifu.netes from the private sector, such as professional and vifu.netmercial services, as well as the medical and social assistance industries. Despite the decline in state and local education sector positions, federal vacancies have increased.
British Business Secretary Jonathan Reynolds will meet with U.S. Trade Representative Jamison Greer in an attempt to save a cancellation of steel exports to the United KingdomTax agreement. The agreement is facing the risk of unimplementation, with the U.S. raising import tariffs on steel and aluminum to 50% is scheduled to take effect on Wednesday. If Britain and the United States cannot reach a solution, the so-called economic prosperity agreement announced by the two countries last month may not be able to achieve one of its key vifu.netponents. U.S. President Donald Trump and British Prime Minister Kiel Starmer have promoted the deal as a trade deal to reduce tariffs, but so far the deal has not been implemented. Starmer's spokesman Dave Pares told reporters on Tuesday, "When it vifu.netes to the implementation of the agreement, this work is underway, indicating that the UK does not know whether its steel industry will face 50% tariffs from the United States on Wednesday.
OECD Chief Economist Alvaro Santos Pereira said on the 3rd that the US tariff policy brings uncertainty to global trade and severely impacts the world economy. Pereira said at the press conference of the latest economic outlook report on the same day that global economic trade is currently underway. Yi Policy faces unprecedented major uncertainty, which has had a profound impact on various economic indicators. He specifically mentioned that the drastic changes in relevant US policies have led to a lower growth expectation of many economies, including the United States.
The Ministry of Finance announced that it plans to issue 2025 bookkeeping discount (32nd period) Treasury bonds. The total face value of this Treasury bond is 40 billion yuan, and additional bids will be conducted for Class A members. The issuance price of this Treasury bond is determined through vifu.netpetitive bidding and is discounted at a price lower than the face value. The bidding time is from 10:35 to 11:35 am on June 4, 2025.
Chen Jiachang, Vice Minister of the Ministry of Science and Technology, introduced at a press conference of the State Council vifu.netrmation Office on the 3rd that China has established scientific and technological cooperation relations with more than 160 countries and regions, and 119 scientific and technological agreements between China and foreign governments have reached 119.
From June 1, new energy power such as wind power and photovoltaics will fully enter a new stage of market-oriented pricing. In February this year, the country issued and reformed The vifu.netmission and the National Energy Administration jointly issued the "Notice on Deepening the Market-oriented Reform of New Energy on-grid Electricity Prices to Promote the High-Quality Development of New Energy". The notice proposes to promote the full entry of the on-grid electricity volume of new energy projects into the power market, form prices through market transactions, and establish a supporting sustainable development price settlement mechanism. According to the "new and old" arrangements clearly defined by the two departments, existing and incremental projects are classified and divided into nodes on June 1, 2025. The existing projects put into production before this will be properly connected with the current policies by conducting price difference settlement, and the electricity prices will be implemented according to the current price policy and will not be higher than the local coal-fired power benchmark price. Incremental projects put into production after that, will be the first to achieve full access to the market on-grid power. This means that the income of existing projects will remain relatively stable, while new projects will not enjoy the protection of fixed electricity prices after entering the market.
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