June 3, 2023

It is the first Friday of the new month and that only means one thing..

It feels like it has been a while, has it not? Or perhaps that’s just me.

Anyway, markets are looking rather cagey in the past few sessions with US stocks seeing plenty of pushing and pulling in trading yesterday. All eyes will be on the US jobs report later for any clues ahead of the weekend.

In FX, things are a bit more subdued today as narrow ranges are prevailing:

FX 07-01

The key chart to watch is still that of 10-year Treasury yields in my view. There is a look see above the topside of the wedge pattern but the 1.75% level is holding for now:

US10Y W1 07-01

We’ll have to see if there is any change to the appetite post-NFP. As for European trading, I reckon we may be in for more of a placeholder session as such.

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