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market review 03 June 21

03 June 21

Dollar Up, China’s Services Sector Grows at Slower Pace in May

The dollar was up on Thursday morning in Asia as investors digested China’s Caixin services data, while awaiting key U.S. economic data for clues on the economic outlook and the U.S. Federal Reserve’s policy decision.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.14% to 90.023 by 1:50 AM ET (5:50 AM GMT).
The USD/CNY pair edged up 0.12% to 6.3882. Investors continue to monitor shifts in Chinese policymakers’ stance on the currency after the People’s Bank of China tightened its Banks’ forex requirements earlier this week to curb the yuan’s surge.
Data released earlier in the day said May’s Caixin Services Purchasing Managers Index (PMI) was 55.1, indicating a slower growth rate in the services sector in China.
The USD/JPY pair was up 0.21% to 109.78 as services PMI fell to 46.5 in May in Japan, according to data released earlier in the day.

Oil Up as Investors Bet on Fuel Demand Surpassing Supply

Oil was up Thursday morning in Asia, the third day of gains, as investors expect that a surge in fuel demand in the U.S., China, and Europe, as well as major fuel producers, will exceed supply later in 2021.
Brent oil futures rose 0.60% to $71.78 by 12:22 PM ET (4:22 AM GMT) and WTI futures gained 0.60% to $69.24.
U.S. crude oil supply data from the American Petroleum Institute showed a draw of 5.360 million barrels for the week ending May 28. Forecasts prepared by predicted a 2.114-million-barrel draw and a 439,000-barrel draw was recorded during the previous week.
Investors now await crude oil supply data from the U.S. Energy Information Administration, due later in the day.
Market forecasters, including the Organization of the Petroleum Exporting Countries and its allies (OPEC+), expect that fuel demand will surpass supply in the second half of 2021, which gave the black liquid a boost.

Gold Down, Hovers Near Five-Year Highs Following China Caixin Services Data

Gold was down on Thursday morning in Asia, but remained near five-year highs, as investors digested China’s Caixin services economic data and await key U.S. economic data for clues about the economic outlook.
Gold futures edged down 0.13% to $1,907.45 by 11:57 PM ET (3:57 AM GMT) but was still above the $1,900-mark. The dollar, which usually moves inversely to gold, inched up on Wednesday and the benchmark 10-year U.S. Treasury yield slipped below 1.60%.
Data released earlier in the day said China’s Caixin Services Purchasing Managers Index (PMI) was 55.1 in May, above the 50-mark indicating expansion. The reading follows the Caixin Manufacturing Purchasing Managers’ Index (PMI) released on Tuesday, which increased to 52 in May, the highest level since December 2020.
In Japan, the services PMI data in May was 46.5, below April’s 49.5, while in Australia, retail sales grew 1.1% month-on-month in April.

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