Market Summary (Jun 6, 2025)

Markets are caught between two forces: weak U.S. labor data (ADP +37 k, ISM services slump, claims at 247 k) points to a subdued NFP and dollar softening—which should underpin gold and EURUSD—yet upbeat U.S.–China trade talks have sparked a short-term dollar rally against EUR, CHF and JPY, and pressured gold. The ECB’s fully priced-in 25 bp cut and potentially dovish guidance could drag EURUSD toward ~1.1360 before the anticipated NFP‐driven reversal. The overarching trends remain higher for EURUSD and gold once the employment release confirms lingering labor‐market weakness.