United States 4-Week Bill Auction fell from previous 3.63% to 3.615%

ING highlights that investment funds in TTF gas remain relatively relaxed despite LNG supply disruptions in the Middle East.

United States EIA Natural Gas Storage Change below expectations (99B) in May 29: Actual (95B)

TD Securities expects the Bank of Canada to stay data dependent despite USMCA uncertainty. The bank sees a high bar for trade risks to alter the current path, with the next BoC hike projected for Q1 2027 while the Fed shifts toward easing.

USD/JPY trades around 159.90 at the time of writing on Thursday, down 0.10% on the day. The pair is moving lower as the Japanese Yen (JPY) benefits from renewed demand, supported by growing expectations that the Bank of Japan (BoJ) will deliver another interest rate hike at its June policy meeting.

RaboResearch Global Economics & Markets discusses how the Australian Dollar has been one of the best-performing G10 currencies in 2026, helped by three RBA rate hikes, but notes recent softer Australian data suggest the cycle may be near its peak.

Scotiabank’s Analyst Team notes the Canadian Dollar (CAD) has slipped below 1.39 against the US Dollar (USD) as weak domestic data contrast with stronger United States (US) figures, widening rate spreads in favour of the USD.

Silver (XAG/USD) climbs more than 2% on Thursday as a ceasefire agreement between Israel and Lebanon weighs on the US Dollar (USD). At the time of writing, XAG/USD is trading around $74.80, but remains stuck within a familiar range between $72-$78 that has held since mid-May.

Nordea economists Jan von Gerich and Tuuli Koivu expect the European Central Bank (ECB) to raise rates by 25bp at the June meeting and signal a hawkish stance without firm pre-commitments.

Cryptocurrencies are trading under pressure on Thursday, weighed down by risk-off sentiment driven by Middle East tensions and macroeconomic uncertainty. Bitcoin (BTC) has extended its decline below $65,000 and is targeting the key support area at $60,000.

BNY's Bob Savage notes that BoJ officials are reportedly leaning toward a 25bp rate hike to 1.0% at the June meeting, with scope for further increases in 2026 as inflation risks from energy and Japanese Yen weakness persist.

ING’s Frantisek Taborsky reports that the National Bank of Poland (NBP) governor struck a dovish tone after a downside inflation surprise, seeing no need for rate hikes unless Oil prices or fuel caps change.

Deutsche Bank strategists note that rising US yields and stronger data have pushed market pricing for a Fed rate hike by December to 81%, helping support the Dollar Index.

Russia Central Bank Reserves $ declined to $748.7B from previous $753.8B

TD Securities strategists maintain a structurally bearish view on the US Dollar (USD) and a medium-term bias toward lower USD/CAD. They expect Fed easing in 2027, a high bar for further Bank of Canada (BoC) cuts, and improving Canadian terms of trade to support CAD.

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance increased to 225K for the week ending May 30.

Societe Generale’s Anatoli Annenkov expects the ECB to deliver a 25bp risk-dependent insurance hike from a neutral stance, stressing data-dependency and trade-offs from early action.

United States Unit Labor Costs came in at 1.8% below forecasts (2.3%) in 1Q

United States Continuing Jobless Claims came in at 1.777M below forecasts (1.78M) in May 22

United States Initial Jobless Claims registered at 225K above expectations (213K) in May 29

United States Initial Jobless Claims 4-week average rose from previous 209K to 214.75K in May 29

NZD/USD trades around 0.5880 on Thursday at the time of writing, up 0.28% on the day after ending a three-day decline. The pair's rebound is supported by expectations of a more restrictive monetary policy in New Zealand, although caution remains warranted due to ongoing tensions in the Middle East.

Gold (XAU/USD) climbs modestly as the US Dollar (USD) weakens in the wake of a ceasefire between Israel and Lebanon brokered by the United States. At the time of writing, XAU/USD is trading around $4,497, up 1.40% on the day.

BNY’s Bob Savage reports that RBA Governor Michele Bullock highlighted a 75bp rise in the cash rate this year to return inflation to target, but noted inflation re-accelerated in late 2025 as growth, a tight labor market and higher Oil prices lifted costs.

ING’s Chris Turner notes USD/BRL may move toward 5.14 as the stronger US Dollar and local political and trade risks weigh on the Brazilian Real (BRL). He argues BRL is catching up with domestic rate markets and expects dips to find support given Brazil’s high yields and energy exporter status.

Gold (XAU/USD) trades higher on Thursday and has reached session highs above $4,490, after bouncing from $4,425 lows earlier on the day.

Danske Research Team expects the ECB to raise its deposit rate by 25bp to 2.25% on June 11, in line with market pricing and consensus. They highlight upside surprises in core inflation and higher Oil futures, alongside weaker Euro area growth.