US debt ceiling bill signed avoiding defaulting on government’s debt

Significant events to watch:

-UK (GBP): COMPOSITE PMI

-CANADA (CAD): BOC INTEREST RATES

-USA (USD): INITIAL JOBLESS CLAIMS

UK (GBP): COMPOSITE PMI – The Composite PMI Index measures the activity level of purchasing managers in both sectors. A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. The last number was 53.9, lower than the forecast of 54.6.

The report is due Monday, 5 June 08:30 GMT

CANADA (CAD): BANK OF CANADA INTEREST RATE DECISION – Bank of Canada (BOC) governing council members come to a consensus on where to set the rate.Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.  Canada’s interest rate is set at 4.50%.

The report is due Wednesday, 7 June 14:00 GMT

USA (USD): JOBLESS CLAIMS – Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week. Last week’s jobless claims rose to 232K, lower than the forecast of 235K.

The report is due Thursday, 8 June 12:30 GMT

Risers and Fallers

-Dow Jones (+2.12%)

-Gold (+1.56%)

-Meta Platforms Inc. (- 0.13%)

-GBPUSD (-0.57%)

Dow Jones – The Dow Jones increased 2.12% on Friday, reaching a daily high and low of 33,187.58 and 33,805.00, respectively. The Dow Jones closed at 33,762.76.

Gold –  The gold price retreated 1.56% on Friday and is trading at 1,964.30.

Meta Platforms Inc. (NASDAQ: META) –  Meta’s stocks were down 0.13% on Friday. Meta is trading at $272.61. Meta is requesting its office employees to return to the office at least 3 days a week.

GBPUSD – GBPUSD price declined 0.57% on Friday. The pair is trading at 1.2453. 

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