Market Summary (Jun 5, 2025)
Recent US data—ADP employment and ISM services—show clear softening, with Goldman Sachs trimming its nonfarm payroll forecast to +110 k for Friday’s release. Tariff-related uncertainty post-April 2 and weakening labour metrics are fueling broad USD weakness, while gold retains a bullish bias amid persistent geopolitical risks. Attention now turns to today’s ECB decision—a fully priced 25 bp cut with potentially dovish guidance may trigger a short-term dip in EURUSD around the mid-1.13s, but the higher-for-longer USD theme gives way to a broader EUR uptrend.
