The UK job market has eased, unlike what we’ve seen in the US after last week’s NFP surprise. UK growth remains constrained but that has not impeded sterling gains

French President Emmanuel Macron called a snap election after his party suffered a heavy defeat to the far-right National Party at this weekend’s European elections.

A week packed with high impact economic data and events, led by the latest monetary policy decisions by the Federal Reserve and the Bank of Japan.

The massive surprise in US job growth lent a strong hand to the downtrodden dollar ahead of US CPI for May and the FOMC meeting in the week to come.

The NFP report on Friday caused a sizeable amount of volatility as the data caught the forecasters off guard, coming in significantly stronger than anticipated as did wage growth

The latest US NFP data defied fears of a weakening jobs market as 272k joined the workforce, easily beating market forecasts of 185k

Outlook on FTSE 100, DAX 40 and S&P 500 ahead of US May Non-Farm Payrolls and average hourly earnings data.

Months of restrictive monetary policy have had little effect on the labour market but recent jobs data suggests we may be approaching a steady decline

The South African Rand has surrendered a lot of ground as the uncertainty around the new coalition government hangs in the balance

US Treasury yields remain in a downtrend and that’s hurting the dollar. Gold continues to recover while Bitcoin eyes a new all-time high.

The ECB marked a historic moment, initiating a cutting cycle before the Fed. The euro rose on the back of upward revisions to both inflation and growth in 2024

Indices have seen fresh gains, with the Nasdaq 100 in particular rallying to a new record high.

Sterling continues to push higher against a range of currencies with GBP/USD eyeing a fresh three-month high and EUR/GBP a 22-month low.

Strong ISM services data has helped to stem the recent US dollar sell-off with the business activity index seen at its highest level since November 2022.

The Bank of Canada cuts rates to 4.75% as inflation settles into the target range. Wages, house prices and geopolitical uncertainty still pose risks to the outlook. Dovish repricing seen in CAD

​​Outlook on FTSE 100, DAX 40 and S&P 500 ahead of probable 25 bps ECB rate cut.

Gold is looking oversold according to one technical indicator, and any weak US data may see the precious metal turn higher in the short-term

Aussie growth stalls in Q1, growing just 0.1% as household spending falters. AUD/USD holds steady for now, with key support and resistance levels identified ahead of NFP

US dollar setups come into focus as data weakens. EUR/USD awaits ECB cut, AUD/USD eyes lower levels on waning risk appetite, and USD/CHF flashes overheating signals after a sharp drop

Bitcoin is currently stuck in a sideways pattern unable to break above $70k. BTC/USD is now starting to press this level again and may be priming for another run at an all-time high.

Indices saw a mixed session on Monday, struggling to hold early gains but finishing off the lows. However, early trading has seen stocks struggle again.

A weaker US dollar has struggled to propel commodity prices higher as gold and silver head lower. Oil markets sink on news of supply returning later this year

The US dollar fell Monday after data showed ongoing weakness in the US manufacturing sector, pushing USD/JPY to a two week low.

Euro in focus ahead of the highly likely ECB rate cut. Euro positioning has improved in recent weeks and softer US data could improve the outlook for the single currency

The latest ISM Report missed forecasts, and last month’s reading, as manufacturing activity in the US contracted for the 18th time in the last 19 months.

​​Outlook on FTSE 100, DAX 40 and S&P 500 ahead of probable 25 bps ECB rate cut.

Cable is struggling to move higher despite positive UK manufacturing data. The dollar remains better bid and this is driving GBP/USD lower.

Oil attempts to find support after OPEC+ extended output cuts into 2025. Oil prices attempt to make a recovery after multiple days of losses

The ECB is fully expected to start cutting interest rates on Thursday while the monthly US NFPs follow the next day.