ADP Labor Market Review to be released today - 1.6.2023

On Wednesday, the US dollar index rose and reached a new high since mid-March of this year. This was supported by a positive indicator of the US labor market in April, the United States JOLTS Job Openings, which showed an increase of 10.103 million. Towards the end of the trading session, the dollar slightly corrected downwards following a statement by Fed Governor Philip Jefferson, who stated that more economic data is needed to make a decision regarding the change in the Federal Reserve's interest rate. According to the CME FedWatch Tool, the probability of an interest rate hike by the Federal Reserve at the next meeting on June 14, from the current level of 5.25% to 5.5%, dropped to 35.6% from 66.6% just one day ago. Despite this, the US dollar index resumed its rise this morning. Investors are counting on a successful extension of the US debt ceiling limit until June 5. It's worth noting that the current national debt stands at $31.4 trillion. The dynamics of EURUSD could be influenced by important inflation data for May in the Eurozone, which will be released today.

Bitcoin prices have been trading within a range of approximately $30,500 to $26,500 for the past 10 weeks. Today, they are declining for the second consecutive day.

Yesterday, the US stock indexes declined. There weren't any specific reasons for this. The April Job Openings and Labor Turnover Survey (JOLTS) showed a larger increase than expected. The probability of a Federal Reserve interest rate hike on June 14 decreased significantly. HP Inc. reported a decrease in sales and consumer spending on computers, causing its stock to plummet by 6%, and Hewlett Packard Enterprise's shares dropped by 7%. Nvidia's stock prices decreased by 5.7% due to criticism of its artificial intelligence (AI) programs. Advance Auto Parts, a supplier of automotive parts, reduced its dividends, leading to a 35% decline in its stock. Ford Motor Company's stock prices declined by 4.7%, and General Motors Company's by 2.9%. Today, the US will release economic data on the ADP Nonfarm Employment Change for May from the independent agency ADP. These figures may help refine the forecast for the official United States Nonfarm Payrolls, which will be published on Friday. Additionally, today's economic indicators include the United States ISM Manufacturing Purchasing Managers Index, construction spending, weekly unemployment, and other less significant data.

On Wednesday, oil prices declined for the second consecutive day. Investors are hoping that OPEC+ will not reduce production at the June 4 meeting. Additionally, according to the independent American Petroleum Institute, US crude oil inventories increased by 5.2 million barrels in the past week. This morning, oil prices are rising due to positive economic statistics from China. The China Caixin/S&P Global Manufacturing Purchasing Managers Index (PMI) in May showed growth to 50.9 points.

The strong industrial activity indicator in China has contributed to the increase in copper prices, grain futures, and some other commodities.

Natural gas in Europe on the ICE Dutch TTF has been trading around $270 per 1000 cubic meters for the fifth day. The support level is now at $260. American gas prices at Henry Hub have stabilized around $2.27 per million metric British thermal units (mmBtu). The April low and a strong support level for gas prices are at $2.