Forex Today: Dollar spikes still attracting selling interest

What you need to know on Thursday, June 3:

The dollar advanced during European hours, but gave up most of its gains during the American session. The greenback seesawed alongside US government bond yields which reflect US inflation expectations. Yields eased despite the poor performance of Wall Street.

US indexes repeated their Tuesday’s behavior, advancing ahead of the opening but pulling back ahead of the close the day mixed near their opening levels.  

The EUR and the GBP fell to lower lows for the week against the greenback but finished the day unchanged. The USD/CAD pair edged firmly lower, setting at 1.2030, but AUD/USD also ended the day flat at around 0.7750.

Gold advanced, with spot settling at $ 1,908 a troy ounce. Crude oil prices retained gains near their recent multi-month highs. WTI ended the day at $ 68.60 a barrel.

Prime Minister Boris Johnson remains optimistic about reopening the economy, affirming that the UK is on track to fully reopen on June 21.

US Federal Reserve officials kept pouring cold water on inflation concerns. Philadelphia Fed President Patrick Harker said that he doesn’t see signs that inflation is running out of control, adding that he believes it is not time to act yet.  He added that GDP could grow by 7% in 2021 before moderating to 3% in 2022.

 The focus now shifts to US employment data ahead of the Nonfarm Payrolls report to be out next Friday.

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