Forex Today: Further US hard data and the BoC meeting grab all the attention

After bottoming out in fresh multi-week troughs, the US Dollar (USD) managed to regain composure and advance markedly on turnaround Tuesday. The recovery, however, did not offset concerns over the impact of Trump’s tariffs on the US economy and global trade.

Here's what to watch on Wednesday, June 4:

The US Dollar Index (DXY) rebounded from six-week lows in the vicinity of 98.50 on Tuesday, eventually regaining the 99.00 barrier and beyond amid marginal losses in US yields. The ADP Employment Change report will be at the centre of the debate, seconded by the ISM Services PMI, the final S&P Global Services PMI, MBA Mortgage Applications, the EIA’s weekly report on US crude oil supplies, and the Fed Beige Book. In addition, the Fed’s Bostic and Cook are expected to speak.

EUR/USD could not sustain an earlier move to multi-week tops past 1.1450, slipping back to the sub-1.1400 region as the session progressed. once again the 1.1400 barrier and well beyond in response to the intense sell-off in the US Dollar. The final HCB Services PMI in Germany and the euro bloc area is due.

GBP/USD came under renewed selling pressure, fading part of Monday’s marked gains and briefly piercing the 1.3500 support. The final S&P Global Services PMI will only be released across the Channel.

Renewed weakness hurt the Japanese Yen, motivating USD/JPY to trade with marked gains north of the 143.00 hurdle. The final Jibun Bank Services PMIs is next on tap.

AUD/USD faltered just ahead of the key resistance at 0.6500 the figure amid the strong rebound in the greenback. The Ai Group survey will be published, along with the final S&P Global Services PMI and the Q1 GDP Growth Rate.

Prices of WTI added to Monday’s gains near the $64.00 mark as traders continued to assess the recent OPEC+ meeting and the potential impacts of US tariffs, while geopolitical concerns added to the combo.

The rebound in the US Dollar challenged the recent advance in Gold prices, sparking a knee-jerk to the $3,330 zone per troy ounce. Silver prices shed part of Monday’s sharp advance, revisiting the $34.00 zone per ounce.